Quikr, the Indian general classifieds site, has acquired CommonFloor and will merge it with its property listings business QuikrHomes. This is part of its strategy to create seperate verticals for each of the key segments.
While the terms of the deal have not been made public, it is being reported that it was a majority stock swap deal that valued CommonFloor at around USD 120 million. After the deal, it is believed that Quikr will be valued at approximately USD 1.5 billion based on the share swap ratio.
The deal brings to an end the 8-year run by CommonFloor as an independent company. During this time, the company raised USD 63 million and at its last capital raise was valued at approximately USD 160 million.
The company said the two brands will operate independently, while leveraging off each other. The deal will give CommonFloor access to Quikr's 30 million consumers while QuikrHomes will benefit from CommonFloor's structured data and domain expertise.
The merger is likely to be completed over the next two or three months. This is the second merger it the Indian market after PropTiger acquired Makaan in April last year.