Online classifieds business Qukir, has announced that it has merged real estate platform Commonfloor.com, with its real estate vertical QuikrHomes.
This is Quikr’s fourth and 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.
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 per cent of its revenue coming from this vertical.
CommonFloor has over 5 lakh active property listings from over 200 cities, and over 1 lakh residential projects listed.
The company will continue to operate both brands in the market and honor the commitment towards their respective customers. Further, the CommonFloor.com team will have expanded scope across Quikr’s four other verticals in order to further accelerate its growth.
Commenting on the development, Pranay Chulet, Founder & CEO, Quikr said, “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.”
Talking about the merger Sumit Jain, Co-founder and CEO, CommonFloor.com said, “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.”
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 per cent+ streets and buildings across India’s top 50 cities.