Bangalore, Jan 7 (ANI): Quikr, India’s most recognized 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.
Commenting on the development, Pranay Chulet, Founder and 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,” added Pranay.
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 realty compass, 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 percent 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” said Manish Sinha, Head of QuikrHomes.
QuikrHomes currently connects customers from over 1000 cities and towns across India and it helps conclude two lakh plus transactions per month. QuikrHomes is one of the key verticals for Quikr with 35 percent of its revenue coming from this vertical.
CommonFloor has over five lakh active property listings from over 200 cities, and over one lakh residential projects listed. (ANI)