Quikr now owns this real estate portal

Quikr, which was for months resisting a merger in its property vehicle, has finally bought the property search website CommonFloor. The acquisition was announced on Thursday; however, the amount of the deal is not announced as of now. The deal would give CommonFloor access to the vast customer base of the online classifieds firm.

Quikr will now be valued at about $1.5 billion (about Rs 10,000 crore) based on the share-swap ratio, entering it into the rarefied club of Indian Unicorns, a term used for companies worth at least a billion dollars.

The acquisition has happened just four months after Quikr launched its own property search website QuikrHomes.

As per ET’s sources, CommonFloor, which was valued at about $160 million in its last funding round, dropped down to $100-120 million for this deal.

Both Quikr and CommonFloor have the New York-based investment firm Tiger Global Management as an investor.

Even after the merger, both brands will operate independently and would benefit from each other

"(This) will give CommonFloor.com access to Quikr's 30 million consumers and harness the potential of the cross category nature of the platform, while Quikr-Homes will benefit from CommonFloor's structured data and domain expertise," read the Quikr statement.

CommonFloor, which was founded in 2008, is owned by maxHeap Technologies, and is backed by venture capital firm Accel Partners and Google Capital along with Tiger Global Management.

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