Quikr on 7 January 2016 announced acquisition of the property search website Commonfloor.com for an undisclosed amount in a majority stock-swap transaction.
Quikr bought the website in a distress sale orchestrated by Tiger Global Management Llc.
After the deal, Quikr will be valued at about 1.5 billion US dollars based on the share-swap ratio.
The merger is expected to be completed over the next two to three months. It will also give Commonfloor access to Quikr’s 30 million consumers and harness the potential of the cross-category nature of the platform. QuikrHomes will benefit from CommonFloor’s structured data and domain expert.
• Quikr is an Indian classified advertising platform.
• It was founded by Pranay Chulet in 2008.
• It is headquartered in Bangalore.
• It has listings in over 1000 cities in India in categories such as mobile phones, household goods, cars, real estate, jobs, services and education.
• CommonFloor.com is an Indian real estate portal founded in 2007 by three computer science graduates from IIT Roorkee and JSSATE.
• On 8 January 2015, CommonFloor received funding from Google Capital.
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When: 7 January 2016