Commonfloor has informed MediaNama that it is currently in the process of raising funds and it has multiple options on the table. This statement follows a story in VCCircle which states the company is finalizing a deal to be acquired by Quikr for $112 million in a stock and cash deal. NextBigWhat had also reported that the company had been acquired by Quikr, citing sources, and said it was an all-equity deal valued at around $200 million. Note that although CommonFloor has not explicitly denied any deal with Quikr, their statement (below) indicates that they're raising funds, thereby suggesting that the acquisition has not been closed yet. Contradicting Commonfloor's official statement, a company source has told MediaNama that the acquisition is taking place, positioning the acquisition as a merger. According to the source, the two entities (Commonfloor and Quikr) will continue to operate independently, and both brands will continue to exist. In a sense it will be similar what happened to Flipkart acquired Myntra, where Flipkart owns Myntra, but the latter continues to exist as a separate site. VCCircle also added that Commonfoor's founders, Sumit Jain, Vikas Malpani and Lalit Mangal would not leave the company following the deal. CommonFloor's statement: "We are in the middle of fund-raising, and there are multiple options on the table. We have not yet finalised one. We are working at multiple levels to ensure our growth takes place in a sustained manner. As a company policy we do not comment on speculations, therefore kindly hold on as we will inform all the stakeholders when the…
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
Advert
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
News
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
News
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...