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Quikr to acquire CommonFloor for $200 million
01 Dec 2015
  • 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.
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  • The deal will be announced next week, people familiar with the development told the newspaper.
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  • A Quikr spokesperson, terming it as "market speculation", said, "We are always looking at strengthening our verticalisation strategy."
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  • 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.
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  • 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.
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  • 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.
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  • The investment towards the latest acquisition is a strategic move that enables Quikr to strengthen its newly-launched vertical, QuikrHomes.
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