- Commonfloor will have access to Quikr\'s 30 million consumers.
- The combined entity will have 2 million real estate listings, the companies stated in a joint statement.
According to reports published by CommonFloor, online classifieds firm Quikr India Pvt. Ltd has purchased the real estate portal in a distress sale orchestrated by Tiger Global Management Llc.
Tiger group is an influential US-based hedge fund that has invested in both the companies.
Quikr is valued at an estimated $1 billion, and CommonFloor hasn't disclosed the terms of the transaction on its blog.
"We see great synergies between us and CommonFloor. We both believe in creating businesses that are strong on growth as well as monetization and have a tremendous cultural fit. With a highly successful recent campaign, launch of industry defining Street Vision, and now today's announcement, QuikrHomes is off to a great start in 2016. We expect this transaction to not only accelerate the growth of QuikrHomes, but also our other verticals," Pranay Chulet, Founder & CEO, Quikr said.
According to reports by Mint, Quickr apparently paid $120 million in an all-stock deal.
CommonFloor was valued at more than $150 million when it last raised Rs.60 crore from Google Capital in December 2014. It has raised a total of Rs.321 crore from Tiger, Accel Partners and Google Capital since 2011.
"This merger creates a strong industry leader and gives us a very strong platform to grow the business further. Our obvious synergies will benefit consumers, property developers, as well as our real estate partners, who are all key to the progression of the online real estate ecosystem," Sumit Jain, Co-founder and CEO, CommonFloor.com was quoted as saying.