Bangalore, January 7th, 2016 - Quikr, India’s No. 1 cross category classifieds business, today announced that it has merged CommonFloor.com with its real estate vertical QuikrHomes to create an industry leader in online real estate. The move is another important step in Quikr’s strategy to create industry-leading verticals in categories in which it has always operated. This is Quikr’s fourth and the biggest strategic move in the real estate category since the launch of QuikrHomes about four months ago.
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 and harness the potential of the cross category nature of the platform, while QuikrHomes 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.
The company will continue to operate both brands in the market and honor the commitment towards their respective customers. Further, given that the two companies have the same technology stack, the CommonFloor.com team will have expanded scope across Quikr’s four other verticals in order to further accelerate its growth.
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.
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. We are excited about working together with the Quikr team and bringing more unique and compelling solutions to our consumers - Sumit Jain, Co-founder and CEO, CommonFloor.com
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, the only company in India that has detailed real life imagery of 90%+ streets and buildings across India’s top 50 cities.
We are super excited about this development as the combined power of QuikrHomes and CommonFloor will help us bring more choices to our buyers and sellers making us the undisputed leader in the online real estate space - Manish Sinha, Head of QuikrHomes.
QuikrHomes currently connects customers from over 1000 cities and towns across India and it helps conclude 2 lakh plus transactions per month. QuikrHomes is one of the key verticals for Quikr with 35% of its revenue coming from this vertical. On the other hand, CommonFloor has over 5 lakh active property listings from over 200 cities, and over 1 lakh residential projects listed.
Quikr is India’s leading cross-category classifieds platform that is used by over 30 million unique users a month. It is present in 1000 cities in India and operates in over 12 categories that include mobile phones, household goods, cars, real estate, jobs, services and education. Quikr operates across desktop, laptop and mobile phones, and allows consumers as well as small businesses to sell, buy, rent and find things across its multiple categories with great ease. Quikr’s investors include Warburg Pincus, Kinnevik, Tiger Global Management, Matrix Partners India, Norwest Venture Partners, Nokia Growth Partners, Steadview Capital, Omidyar Network, Ebay Inc. Visit www.quikr.com for more details.
Launched in 2007 by Sumit Jain, Lalit Mangal and Vikas Malpani, CommonFloor.com, is India’s leading real estate platform that combines property search, apartment management and vendor management and caters to a person’s complete residential requirements. From searching for an apartment to facilitating interactions within an apartment community on the ‘CommonFloor’ platform, to connecting one to relevant service providers, the platform is dedicated to meeting all aspects of consumers’ needs around their home. CommonFloor.com has been funded by Accel Partners, Tiger Global and Google Capital. To know more about CommonFloor.com, please visit: www.commonfloor.comLoading Comments...