Digital classifieds platform, Quikr has merged CommonFloor.com with its real estate vertical QuikrHomes with an aim to be 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.
Talking about the merger Sumit Jain, Co-founder and CEO, CommonFloor.com said, “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.”
In November 2015, there was a news that Quikr was all set to acquire real estate portal CommonFloor.com, but now the deal ends with a strategic merging.
Quikr recently acquired Indian Realty Exchange (IRX), a mobile aggregator of real estate broker community and RealtyCompass, a platform that provides builder rating and project analysis. It also made a strategic investment in A N Virtual Tech, the company in India that has detailed real life imagery of streets and buildings across Indian cities.
QuikrHomes currently connects customers from over 1000 cities and towns across India and it helps conclude 2 lakh plus transactions per month.
CommonFloor has over 5 lakh active property listings from over 200 cities, and over 1 lakh residential projects listed. It competes with Housing.com, PropTiger, 99Acres, and MagicBricks. In April 2015, Indian online real estate marketing platform PropTiger acquired its rival listing firm Makaan.Category Business News