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Quikr merges CommonFloor.com with real estate business

  • Online classifieds player Quikr has announced the merger of
    CommonFloor.com with its real estate vertical QuikrHomes, the
    Press Trust of India said in a report.
  •  
  • Quikr will continue to operate both brands in the market. The
    • Online classifieds player Quikr has announced the merger of
      CommonFloor.com with its real estate vertical QuikrHomes, the
      Press Trust of India said in a report.
    •  
    • Quikr will continue to operate both brands in the market. The
      merger, which is expected to be completed over the next two to three months, will
      give CommonFloor.com access to Quikr’s 30 million consumers, Quikr said in a
      statement.
    •  
    • QuikrHomes, on the other hand, will benefit from CommonFloor’s
      structured data and domain expertise. “The combined force of two entities
      will create a strong online real estate industry leader, which has the largest
      inventory and property seeker traffic in the country,” it said.
    •  
    • No financial details of the deal were disclosed. “This is
      Quikr’s fourth and the biggest strategic move in the real estate category since
      the launch of QuikrHomes about four months ago,” Quikr said.
    •  
    • Pranay Chulet, founder and CEO of Quikr, said there is “great
      synergies” between the two companies.
    •  
    • “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,” he added.
    •  
    • Quikr recently acquired Indian Realty Exchange (IRX), a mobile-first
      aggregator of real estate broker community and RealtyCompass, a platform that
      provides builder rating and project analysis. It also made a strategic
      investment in A N Virtual Tech that offers detailed real life imagery of
      streets and buildings across India’s top 50 cities, the report said.
    •  
    • QuikrHomes claims to connect customers from over 1,000 cities and
      towns across India, and helps conclude two lakh-plus transactions per month. It
      is one of the key verticals for Quikr as 35 per cent of its revenue comes from
      it.
    •  
    • Launched in 2007 by Sumit Jain, Lalit Mangal and Vikas Malpani,
      Bengaluru-based CommonFloor.com has raised over $60 million till date, and
      counts Accel Partners, Tiger Global and Google Capital among its investors,
      PTI reported.

     

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