The merger will give CommonFloor access to Quikr’s 30 million consumers, while QuikrHomes will benefit from the former’s structured data and domain expertise
In November last year, we had written that Google Capital-backed CommonFloor had agreed to merge with Quikr.
This is Quikr’s fourth and the biggest strategic move in the real estate category since launching QuikrHomes four months ago.
The merger, which is expected to be completed over the next two-three months, will give CommonFloor access to Quikr’s 30 million consumers and harness the potential of the cross- category nature of the platform, while QuikrHomes will benefit from CommonFloor’s structured data and domain expertise.
The company will continue to operate both brands in the market.
Commenting on the development, Pranay Chulet, Founder and CEO of Quikr said: “We see great synergies between us and CommonFloor. We both believe in creating businesses that are strong on growth as well as monetisation and have a tremendous cultural fit. With a highly successful recent campaign, launch of industry defining Street Vision, and now today’s announcement, QuikrHomes is off to a great start in 2016. We expect this transaction to not only accelerate the growth of QuikrHomes, but also our other verticals.”
QuikrHomes currently connects customers from over 1,000 cities and towns across India and it helps conclude 200,000-plus transactions per month, it claims. It is one of the key verticals for Quikr with 35 per cent of its revenue coming from this vertical.
Quikr recently acquired Indian Realty Exchange (IRX), a mobile-first aggregator of real estate broker community, and realtycompass, a platform that provides builder rating and project analysis. It also made a strategic investment in AN Virtual Tech, which offers real life imagery streets and buildings across India’s top 50 cities.
Founded in 2008, Quikr operates in over 12 categories that include mobile phones, household goods, cars, real estate, jobs, services and education. Quikr operates across desktop, laptop and mobile phones, and allows consumers as well as small businesses to sell, buy, rent and find things across its multiple categories with great ease.
Quikr’s investors include Warburg Pincus, Kinnevik, Tiger Global Management, Matrix Partners India, Norwest Venture Partners, Nokia Growth Partners, Steadview Capital, Omidyar Network, and Ebay.
Started in 2007, CommonFloor has over 500,000 active property listings from over 200 cities, and over 100,000 residential projects listed.
The post India’s Quikr merges CommonFloor with its real estate vertical appeared first on e27.
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