It is being reported that Quikr in India is in the process of finalising discussions to buy Commonfloor.com. The share-swap deal would see as one of their common and largest shareholders, Tiger Global, consolidate its investments in the online real estate sector.
It is believed that both companies are still negotiating the valuation for Commonfloor, which is expected to be in the range of $120 million to $200 million. Other details, such as whether Commonfloor founders Sumit Jain, Vikas Malpani and Lalit Mangal will get board seats in Quikr, are still being ironed out.
Commonfloor was founded in 2007 and has so far raised more than $60 million from Accel Partners, Tiger Global and Google Capital over multiple rounds. Most recently in January this year, they raised an undisclosed amount from Google Capital in a deal that reported valuing the company at around $200 million.
It is reported that Commonfloor has been in the market for some time to raise $200 million, but with its largest investor unwilling to bring in fresh capital, it has not been able to close the round.
Valued at $1 billion, Quikr, founded in 2008 by Pranay Chulet and has so far raised about $346 million from investors such as Investment AB Kinnevik, Tiger Global, Steadview Capital Management and Matrix Partners India, among others.