CommonFloor, an online portal for real-estate has acquired one-year old Bengaluru-based start-up Bakfy for an undisclosed amount. As part of the deal, Bakfy will join CommonFloor as entrepreneurs-in-residence and will work directly with the founders to build social and mobile products.
“We liked the founders and their work in building a mobile-only anonymous social network. We are bullish on mobile and the Bakfy team brings proven capability of scaling up a mobile-only social network in India, which is quite unique,” Sumit Jain, co-founder and CEO of CommonFloor wrote in a Blog Post.
Bakfy also announced the news on the company website. The start-up acts as a college broadcaster where students share gossip, campus event, and experiences anonymously. It is being used by students in more than 50 colleges.
CommonFloor had raised USD 30 million in series E round from American hedge fund Tiger Global Management in September 2014, taking the total funds raised so far to nearly USD 50 million. It competitor Housing.com raised USD 90 million from Softbank in December.
Image Source: BafkyCategory Business Investments