More than 150 employees of CommonFloor have been asked to leave the company by Quikr after the latter bought out the former, this January. Four people aware of the development said employees are getting termination notices from the human resources department.
Online classifieds firm Quikr had celebrated the new year putting an end to long drawn courtship and speculations by acquiring online realty player CommonFloor, for a reported $200 Mn in an all stock-deal. The valuation of CommonFloor itself was much debated. But that is another story.
The HR mails are on the lines that “there is no suitable role for your designation.” One of the people mentioned above says that the design team of 15 has been fired, along with 5-10 people from the engineering team, 5 in the product team and 20-30 from the service team. Many people have resigned on their own after the acquisition. One employee said that “the promises (made at the time of merger) were not kept.”
In the mail there was no mention of severance. The HR department of Quikr is still finalising the details on the severance package.
According to a source, CommonFloor’s Bangalore office in Diamond District will be shut within a month’s time.
At the time of acquisition, the Bangalore team had a strength of 650 employees with a total employee count of around 1000 nationally.