Quikr Acquires Commonfloor
Quikr will be making an announcement regarding the acquisition of Commonfloor. The acquisition is valued at $200 million. The deal is going to improve the vertical’s play in real estate. Quikr acquired Indian Realty Exchange in November. The firm attaches agents and brokers with real time projects and locations. It assists users in connecting with them to purchase and sell property.
The investment involved in the acquisition is an intelligent move for enabling Quikr to bolster its all encompassing real estate presence with the recent launch of QuikrHomes. Commonfloor includes investors like Accel, Google Capital and Tiger Global. It decided to merge with Quikr after failing to raise extra capital for funding its business. Till date, the firm had gathered $60 million.
Quikr’s founder, Pranay Chulet is on the look out for acquisitions to strengthen its verticalisation strategy. It has gathered $346 million in a span of six rounds from investors including Tiger Global, Warburg Pincus, and Norwest Venture Partners