It’s becoming a fad with Startups in India, isn’t it? Using Twitter to cheekily announce important news like acquisitions and partnerships.
That’s exactly what Quikr and CommonFloor did earlier today and confirmed to the world that acquisition has happened. Yes, they later put up an official announcement as well!
But first, check out the exchanges of tweets between these 2 startups earlier today.
Yeah… so it is #QuikrCommonFloor now!
Interesting, exactly a month back, Sumit Jain, Founder of CommonFloor had said that this is just a speculation, hinting at possible breakdown of talks between the two entities. When we had asked him on Twitter here was Jain’s reply!
But it’s official now – Quikr has also made an official announcement on their site in regards to the acquisition.
The announcement mentioned that Quikr will continue to operate as 2 separate brands so as to honor the commitment towards their respective customers.
The acquisition is expected to be completed over the next two to three months, and will give CommonFloor.com access to Quikr’s 30 million consumers and harness the potential of the cross category nature of the platform, while QuikrHomes will benefit from CommonFloor’s structured data and domain expertise.
As far as the size of two companies goes – CommonFloor has over 5 lakh active property listings from over 200 cities. On the other hand, Real Estate vertical (QuikrHomes) conducts over 2 lakh transactions per month and contributes to over 35 percent of Quikr’s revenue.
Sumit Jain, Co-founder and CEO, CommonFloor.com said, “This merger creates a strong industry leader and gives us a very strong platform to grow the business further. Our obvious synergies will benefit consumers, property developers, as well as our real estate partners, who are all key to the progression of the online real estate ecosystem. We are excited about working together with the Quikr team and bringing more unique and compelling solutions to our consumers.”
Well… Good Luck to both the entities!
"Cheeky Tweets Confirm Quikr's Commonfloor Acquisition",