Business, News

Quikr Hits $1.5B Valuation and Goes on a Spending Spree

Quikr, Internet and mobile based classifieds company, which is in talks of acquiring realty portal CommonFloor is being valued at $1.5 billion in the transaction.


Quikr reaches $1.5 billion valuation. (Source)

Quikr and CommonFloor’s existing investor Tiger Global is expected to invest a fresh capital in Quikr at its latest valuation through primary issuance of shares, as reported by TOIIn April, Quikr raised an amount of $150 million in a series H round of funding from its existing investors, Tiger Global Management and Swedish VC fund Investment AB Kinnevik and Hong Kong-based Steadview Capital.

The CommonFloor deal is expected to be a complete buyout at $160 million. The deal is likely to an 80% stock and 20% cash component division. Existing investors in CommonFloor, including Google Capital Accel Partners will collectively get a 10% stake in Quikr. Uptil now, the startup has raised a total around $60 million since it launched in 2007.

Post gaining the position of a Unicorn, the online classifieds platform is also making a strategic investment of $10-million in WoNoBo, a hyper-local search engine providing 360-degree street view. The company is owned and run by Indian geo-spatial technology company Genesys International Corp.

Launched in October 2013, WoNoBo enables its users to search for and view 360-degree walkthroughs of hotels, monuments and parks, and share these points of interests (POIs) with others. Users can also access, tag and review POIs. It had also launched a product for real estate that enables brokers and potential customers to view properties as well as their surroundings online.

This investment comes around as a strategic move of Quikr as it spreads its wings to conquer various verticals and consolidate its position in the online classifieds industry. Clubbed with Commonfloor’s acquisition, the company could go strong in the realty space.

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