Acquisition update
In a significant boost for the classifieds company, Quikr has reportedly acquired real estate portal CommonFloor.com for $200 million. Acquisition-related talks had reportedly been in the pipeline since May 2015, but things seem to have picked up pace recently. This acquisition is sure to be a huge boost for both companies, with CommonFloor getting access to Quikr’s platform, while Quikr will be able to list real estate offers more effectively.
About CommonFloor and Quikr Homes
The deal is supposed to be of a stock-and-cash nature, with CommonFloor founders Lalit Mangal, Vikas Malpani and Sumit Jain likely to receive cash for stakes. CommonFloor was set up in 2007, and over the years, has shifted its attention to home rentals. It managed to raise a sum total of $60 million between 2007 and 2015. Its latest instance of funding involved the accumulation of some $30 million from Google Capital in January. Its other chief investors include Accel Partners and Tiger Global.
CommonFloor is likely to prove to be a significant boost to Quikr Homes, the classified site’s real estate offering. Launched in September this year, Quikr Homes was touted by Pranay Chulet, Quikr founder and CEO, as a platform for customer engagement and lead management for real estate developers. It also seeks to be the one-stop destination for home seekers of every kind, and its emphasis on versatility and detail has already won it a rousing reception. Quikr Homes is currently available in as many as 20 cities, and has plans to expand substantially over the next decade.
Conclusion
With CommonFloor having been absorbed into the Quikr family, one can expect the latter to deliver the most comprehensive real estate platform ever. This is certain to benefit brokers, builders and home seekers alike.
