Okay. Commonfloor has been acquired by Quikr (we told you this last year itself). The two companies took to Twitter to do PDA (public display of
First, enjoy some cheeky tweets.
2nd floor lounge, lets meet on the @Commonfloor?
— Quikr (@Quikr) January 7, 2016
— CommonFloor.com (@commonfloor) January 7, 2016
The deal, from what we know values Commonfloor at $200mn and the company will continue to operate as a stand-alone entity.
Started 7 years back, Commonfloor last raised $12mn from Google Ventures (in total, $63mn) and has launched multiple products – right from VR to visualized market data using GIS.
Commonfloor recorded a revenue of Rs. 44 crores in FY14-15 (against a loss of Rs 86.2 Crores).
Why Quikr And Commonfloor Need To Live Together?
The merger, which is expected to be completed over the next two to three months, will give CommonFloor.com 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 combined force of two entities will create a strong online real estate industry leader, which has the largest inventory and property seeker traffic in the country.
The company will continue to operate both brands in the market and honor the commitment towards their respective customers. Further, given that the two companies have the same technology stack, the CommonFloor.com team will have expanded scope across Quikr’s four other verticals in order to further accelerate its growth
Simply put, Commonfloor gets access to Quikr userbase – which helps it grows faster than the competition.
And for Quikr, they get a ready made home for QuikrHomes property. Quikr last raised $150mn and need to focus on revenue earning properties – so why not start with real estate.
Ofcourse, the common investors include Tiger Global.
“The combined 2 million property listing makes us leaders.” says Pranay, Quikr founder and CEO.
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 A N Virtual Tech, the only company in India that has detailed real life imagery of 90%+ streets and buildings across India’s top 50 cities
The Commonfloor Journey
Watch cofounder, Vikas talk about Commonfloor journey at UnPluggd 2014.