#Exclusive Quikr-CommonFloor Deal Maybe Off; CommonFloor CEO Sumit Jain May Want To Go Solo
Sumit Jain, CEO of CommonFloor has given indications that they may want to go solo for time being, and not get acquired by Quikr. This recent development regarding this high profile acquisition emerged after we questioned him on Twitter.
Arun Prabhudesai, Editor in Chief of Trak.in asked both Quikr and CommonFloor regarding this speculation:
“I am hearing that @Quikr & @commonfloor #deal has been cancelled. We spoke to insider sources..We are trying to confirm.. #mergers”
I retweeted this question, and asked Sumit Jain about the future of this deal:
“Is it true @sumjain ? We have heard that you have decided to conquer the real estate sector solo for time being?”
Sumit Jain laid to rest all speculations, when he replied:
“@_mohul we have decided to conquer the real estate sector. Everything else is speculation.”
Here are the Tweets:
@_mohul we have decided to conquer the real estate sector. Everything else is speculation.
— Sumit Jain (@sumjain) December 7, 2015
Now, there are several ways this response can be interpreted. But the strongest one we derived is that, the deal is off. Sumit has clearly stated that he wants to conquer the real estate niche, and there is no mention of either Quikr or any other entity.
Note here that Sumit has neither denied this news nor confirmed it. Both CommonFloor or Quikr has not released any statement or update after the deal was announced last week. The acquisition of CommonFloor by Quikr was hailed as one of the biggest Indian startup sectors has ever witnessed.
But it seems that not everything is in black and white, as of now.
In the past, a possible acquisition of Housing.com by Quikr was also reported, which later turned out to be a rumor. Quikr is no doubt quite aggressive right now to expand and adapt several niches at the same time.
But will they succeed in successfully acquiring CommonFloor? What is Sumit Jain actually planning with his real estate startup?
We will keep you updated as we receive official confirmations.
Disclaimer: We have received information about a possible break-up between Quikr and CommonFloor via insider source, who has refused to be named.