CommonFloor, an online real-estate platform was acquired by Quikr back in January 2016 for a sum of $200 million. A few months after the acquisition, Quikr laid off over 150 employees for the said platform so as to avoid clashes and overlapping operations.
And just about a year later, the three co-founders for CommonFloor have now left the company. The three co-founders namely Sumit Jain, Vikas Malpani and Lalit Mangal though have not yet disclosed about their future partnerships or any separate companies to be expected of.
Responding to queries of ET, Quikr commented as,
CommonFloor has been a great addition to our real estate portfolio. After a planned period of transition, the CommonFloor founding team is moving on to their next endeavour and we wish them all the best in their future journey.
CommonFloor was operational as an individual brand under QuikrHomes only with a handful of employees and time to time layoffs. Also, the Bengaluru office for the real state platform was shut off a few months ago in order to consolidate operations. Whereas on Quikr’s part, it will continue its investments in QuikrHomes, CommonFloor, and Grabhouse in order to build up the country’s leading franchises in the online real-estate industry.
One of the members of co-founding team commented on their major leap as,
We are looking at transitioning out to pursue other interests,The combined business across QuikrHomes, CommonFloor and Grabhouse is clearly the leading and most innovative online real estate player in India. What we started is now in safe hands of the largest and strongest classifieds business in India, and we feel ready to take on new challenges.
QuikrHomes also acquired Sequoia-backed Grabhouse back in November as to expand its control over managed property rental business. With a cent percent control over these online assets, Quikr’s has further extended its grips on the real-estate segment.
