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Quikr to acquire CommonFloor for $200 million

  • Online classifieds
    platform Quikr has finalised a stock-cum-cash deal to acquire real estate
    portal CommonFloor.com for $200 million, reported the
    Business Standard.
  •  
  • The deal will be
    • Online classifieds
      platform Quikr has finalised a stock-cum-cash deal to acquire real estate
      portal CommonFloor.com for $200 million, reported the
      Business Standard.
    •  
    • The deal will be
      announced next week, people familiar with the development told the newspaper.
    •  
    • A Quikr spokesperson,
      terming it as “market speculation”, said, “We are always looking
      at strengthening our verticalisation strategy.”
    •  
    • CommonFloor, which
      counts as investors Accel, Google Capital and Tiger Global, was in talks to
      merge with Quikr, after it failed to raise additional capital to fund its
      business. So far, the firm has raised $60 million.
    •  
    • Pranay Chulet-founded
      Quikr, with a valuation of around $1.5 billion, has been looking for
      acquisitions to strengthen its verticalisation strategy, the report said.
    •  
    • A few weeks ago, it
      acquired India Realty Exchange (IRX), a mobile-first aggregator of real estate
      agents founded by Vikram Dhawan and Karan Jindal for an undisclosed sum.
    •  
    • The investment
      towards the latest acquisition is a strategic move that enables Quikr to
      strengthen its newly-launched vertical, QuikrHomes.
    •  

     

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