Classified listings portal Quikr has completed its acquisition of India-based real estate listings company CommonFloor, giving an exit to internet and technology conglomerate Alphabet, the Economic Times has reported.
The deal was structured as a majority-share deal and will value CommonFloor at between $100m and $120m, a person directly involved in the transaction told ET. That is less than the $200m ET predicted Quikr would pay last month and reportedly less than the $160m valuation at which it last raised money.
CommonFloor operates an online classifieds platform that has about 500,000 properties listed on it spread across some 200 Indian cities. However, it ran into difficulties over monetisation and had been unsuccessful in raising additional funding.
The company will continue to operate independently from Quikr, which launched a rival service called QuikrHomes in September 2015, post-acquisition but will focus more on CommonFloor Groups, a forum and directory for residents’ associations.
CommonFloor had raised approximately $63m in funding, most recently securing $15m from Alphabet subsidiary Google Capital in January 2015. Earlier backers include fund manager Tiger Global Management, also an investor in Quikr, and venture capital firm Accel Partners.