cmn-commonfloor

Online classifieds company Quikr announced that it has merged property portal CommonFloor with its real estate vertical QuikrHomes. MediaNama had confirmed the merger earlier in November and reports then had said that the size of the deal was $200 million.

Following the merger, the companies will continue to operate as separate entities and the deal is expected to be completed over the next two or three months. The deal will give CommonFloor access to Quikr’s 30 million users and expanded scope across Quikr’s four other verticals.

QuikrHomes currently is present in over 1000 cities and towns across India and it helps conclude 2 lakh plus transactions per month. QuikrHomes is one of the key verticals for Quikr with 35% of its revenue coming from this vertical.

CommonFloor has over 5 lakh active property listings from over 200 cities, and over 1 lakh residential projects listed.

Quikr launched QuikrHomes in September 2015 and the portal allows users search for residential, commercial or agricultural properties to either buy or rent, in various cities like Pune, Delhi, Chennai, Bangalore, Mumbai and Hyderabad. Quikr had made the announcement in April for the realty portal and at the time had said there were 20 lakh active real estate listings and had accounted for 50% of the transactions on the portal.

Earlier in January, CommonFloor raised $15 million in a funding round led by Google Capital.  At the time, Jain said that they would be using the money raised in improving its platform for both buyers & sellers.

Denials in the media

It’s worth noting that CommonFloor’s co-founders had taken to Twitter to strongly deny that the company was being merged last year. In October, VCCircle, Times of India and The Economic Times carried reports saying that the deal was in the final stages. Interestingly, CommonFloor founder Lalit Mangal reacted strongly on Twitter to the VCCircle story alleging vested interests by the publication.

Quikr’s other investments and acquisitions 

– In November 2015, Quikr acquired mobile real estate agent aggregator Indian Realty Exchange for an undisclosed amount. At the time the company said it would allow Quikr to go deeper into the real estate market and increase long-term engagement with the broker community.

– In October 2015,  Quikr made a strategic investment in Genesys International‘s venture AN Virtual Tech. The company has detailed real life imagery of 90%+ streets and buildings across India’s top 50 cities.