 "Quikr to acquire Commonfloor today")
Tiger Global-funded online classifieds platform Quikr will announce the acquisition of Commonfloor today as it deepens its play in the real estate segment. The deal is valued at $ 200 million.
The deal, stitched by Tiger Global, common investor in both the Bengaluru firms, will improve the vertical play in real estate for Quikr. Quikr in the last few months has been on an acquisition spree. In November, it acquired Indian Realty Exchange (IRX), a mobile-first aggregator of real estate agents and real estate analytics platform RealtyCompass.
IRX tags agents and brokers with real time projects and locations and also helps users connect with them to buy and sell property. The investment towards this acquisition is a strategic move that enables Quikr to strengthen its all-inclusive real estate marketplace and recently launched vertical, QuikrHomes.
Commonfloor, which counts investors such as 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 had raised $ 60 million.
Pranay Chulet founded Quikr, among the Unicorns with a valuation of over $1.5 billion, has been looking for acquisitions to strengthen its verticalisation strategy.
Quikr has raised $ 346 million in six rounds from investors such as Tiger Global, Warburg Pincus, and Norwest Venture Partners.
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