CommonFloor Acquired By Quickr For $200 Million
@thebigk
•
Oct 26, 2024
Oct 26, 2024
1.4K
It's a deal done - Quickr one of the largest online classifieds portal in India has acquired real estate portal CommonFloor for about $200 million (~Rs. 1330 cr). 99% of the total acquisition is done and what remains now is signing a few papers, informed Quickr spokesperson to VCCircle who reported the deal first on the Internet. We are not sure if any cash was involved in the deal.
Post acquisition, CommonFloor will continue to operate as a separate company. Various sources claim that CF had raised to the tunes of about 60+ crores from national and international venture funds. In the last financial year, the company generated a total revenue of about 44 crores.
Once the acquisition is done, we hope that there won't be any layoffs at CommonFloor. The deal means a lot to Quickr - as it will give them access to all of CommonFloor's existing user base and grow faster than its competition aka housing.com. Housing is currently handling its own internal troubles, layoffs and restructuring. I think the timing of the deal is right on the spot.
Post acquisition, CommonFloor will continue to operate as a separate company. Various sources claim that CF had raised to the tunes of about 60+ crores from national and international venture funds. In the last financial year, the company generated a total revenue of about 44 crores.
Once the acquisition is done, we hope that there won't be any layoffs at CommonFloor. The deal means a lot to Quickr - as it will give them access to all of CommonFloor's existing user base and grow faster than its competition aka housing.com. Housing is currently handling its own internal troubles, layoffs and restructuring. I think the timing of the deal is right on the spot.
