Here Comes A New Unicorn In The Block
Online classified platform Quikr, is finalizing the acquisition of realty portal CommonFloor at about $160 Mn. Tiger Global, which is an investor in both Quikr and CommonFloor, is expected to invest fresh funds at the valuation of $1.5 Bn through primary issuance of shares, said TOI.
Earlier in July, Quikr completed a $60 Mn round, which valued the company at $900 Mn. The round was raised by its existing investor Sweden’s Kinnevik and two new investors, Hedge funds Falcon Edge and Coatue Management.
As far as CommonFloor deal is concerned, a complete buyout is expected, which would be pegged at $160 Mn, with an 80% stock and a 20% cash component. Reportedly, existing investors in CommonFloor, Google Capital and Accel Partners will collectively get a 10% stake in Quikr. The startup has altogether raised about $60 Mn risk capital, since its inception.
Acquisition of CommonFloor, investment of $10 Mn in Wonobo, a portal offering street view, and other acqui-hiring of IRX, an aggregator of real estate agents, are all part of Quikr’s strategy to strengthen its realty vertical.
Quikr has plans to boost its strong categories like used goods, cars, real estate, services and jobs. Earlier in January, Pranay Chulet, founder & CEO of Quikr, told TOI, “What we have built till now is a platform and brand that cuts across categories. The time has come to take Quikr deeper in all categories where it is already strong like used goods, cars, real estate, services and jobs. The idea is to help buyers and sellers whichever way the category demands, whether it’s delivery services, verified listings or inspection reports.”
Recently, Quikr’s tech team launched a slew of new products. One of them includes Quikr Nxt, a messaging service between buyers and sellers, and is facilitating deliveries in select cities.
Other Indian tech startups valued at $1 Bn or more include players like Flipkart, Snapdeal, taxi aggregator Ola, Paytm, data cruncher Mu Sigma and mobile ad network InMobi.
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