Online classified portal Quikr has made a strategic investment in Genesys International‘s venture AN Virtual Tech. The development was disclosed in Bombay Stock Exchange notification. Genesys is the parent company of street-view and mapping portal WoNoBo.
Genesys primarily works in the overseas market as a Geographical Information Systems (GIS) outsourcing company. It has worked for Microsoft’s search engine Bing and NAVTEQ. The company also works in areas like imagery acquisition, photogammetry, remote sensing, and data conversion among other things.
WoNoBo added a property section in May 2014, allowing users to virtually navigate through streets and search for residential and commercial properties up for sale or rent. It also offers a street-view like 3D navigation within individual apartments and a 360 degree virtual preview of under-construction projects.
“This investment by Quikr is a strategic move as it deepens its offerings in several verticals and consolidating its position in the online classifieds industry,” Genesys added in the notification.
Quikr Homes: Earlier in September, Quikr launched a real estate focussed portal called Quikrhomes. Quikr first mentioned in April that it would launch such a real estate focused portal. Interestingly, Quikr had said then that the value of real estate related transactions was worth 50% of all the transactions on the platform. It said that every month, there were 2 lakh real estate related transactions on its platform, and that the site had (at the time) 20 lakh active real estate listings.
Genesys financials: For the quarter ended June 30, Genesys reported a net profit of Rs 3.17 crore for the quarter ended June 30,2015, a jump of 81.59% from Rs 1.74 crore from the same quarter last year.Net profit at the company was mainly boosted by other income at the company which stood at Rs 2.20 crore for the quarter compared to Rs 0.59 crore in the same quarter last year.
Operational income, however, stood at Rs 13.28 crore, a decline of 16.19% from Rs 15.96 crore in the same quarter last year. On a quarterly basis, the operational income dipped by 5.67% from Rs 14.07 crore in the previous quarter.
Reports on Quikr buying Commonfloor: Earlier in the day the Times of India reported that Quikr was buying realty portal CommonFloor, and that the company was being valued at $1.5 billion.The CommonFloor deal was pegged at $160 million, is likely to have an 80% stock and a 20% cash component, the publication said citing sources.
However, CommonFloor founder Sumit Jain has denied the reports that such a deal was in place.
Given that three mainstream media outlets have now reported on the imminent deal, it’s going to be interesting to see if we’ve got it right.
— Biswarup Gooptu (@CarnageCrow) October 8, 2015