Classified listings platform Quikr is set to acquire India-based realty portal CommonFloor for $160m in a deal that will enable internet company Google to exit, Times of India has reported.
CommonFloor operates a realty listings platform that encompasses around 500,000 properties. It has raised about $63m in funding from Google Capital, which acts as Google’s growth equity unit, venture capital firm Accel Partners and investment firm Tiger Global Management.
Quikr plans to pay 80% of the sale price in stock and 20% in cash, according to undisclosed sources. CommonFloor’s three investors will collectively receive a 10% stake in Quikr, which in turn intends to raise money from Tiger Global at a $1.5bn valuation to support the deal.
The acquisition is being made in order to bolster Quikr’s property offering as it looks to strengthen its product to fend off more specialised competitors. News of the deal follows reports in July stating Quikr had entered talks to acquire CommonFloor rival Housing.com.
Quikr has raised about $350m in funding so far from investors including Tiger Global, e-commerce company eBay, communications technology provider Nokia and Norwest Venture Partners, which invests on behalf of financial services firm Wells Fargo.