Leading online classified portal Quikr on Thursday announced the merger of realty firm CommonFloor.com with its real estate arm QuikrHomes. “The strategic merger will give CommonFloor access to Quikr’s 30 million consumers, while QuikHomes will benefit from its data and domain expertise,” Quikr founder and chief executive Pranay Chulet told reporters.
However, monetary specifics of the acquisition were not revealed. Since both the companies have a similar technology stack, mutual benefits also include structured data and domain experience from Commonfloor.com to QuikrHomes and expanded scope across Quikr’s four other verticals to Commonfloor.com to accelerate growth.
“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,” said Quikr in a statement.
“We expect this transaction to not only accelerate the growth of QuikrHomes, but also our other verticals,” added Chulet. “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,” said CommonFloor.com co-founder and chief executive Sumit Jain.
Both the brands will continue operating in the market and honour the existing commitments of their respective customers. The latest move expected to be completed in the next two to three months is Qukir’s fourth biggest strategic move in real estate category since it launched QuikrHomes four months ago.
Quikr recently acquired mobile-first aggregator of real estate broker community Indian Realty Exchange (IRE), builder rating and project analysis platform RealtyCompass and made a strategic investment in A.N. Virtual Tech which has detailed imagery of streets and buildings in many cities.
Currently, QuikrHomes connects customers from nearly 1,000 Indian cities and towns enabling more than two lakh transactions a month while CommonFloor.com has over five lakh property listings in nearly 200 locations. QukirHomes, being one of the key verticals of Quikr, contributes up to 35 percent of its revenue.