Quikr and Commonfloor have been in talks earlier and the deal, as we are told has now been sealed.
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 and has launched multiple products – right from VR to visualized market data using GIS.
Commonfloor has in total raised $62mn and generated a revenue of Rs. 44 crores ($7mn) in FY14-15 and will now be part of Quikr’s new focus area, i.e. Quikr Homes.
The deal is 100% equity driven and Commonfloor team gets Quikr board set as well. Importantly, there will be no layoffs.*
Why Quikr And Commonfloor Need To Live Together?
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 Commonfloor Journey
Watch cofounder, Vikas talk about Commonfloor journey at UnPluggd 2014.
Competition Housing.com is currently going through an internal restructuring and has laid-off in big numbers
*More details as we get them.
Vccircle was first to report this development, but their numbers are apparently wrong.