16 January 2016, India:
Three founders- Sumit Jain, Vikas Malpani and Lalit Mangal have quit the real estate portal CommonFloor. The move comes after it was acquired by online classifieds firm Quikr for $200 million. “We are looking at transitioning out to pursue other interests,“ the three co-founders of CommonFloor said in a statement in response to ET’s queries.
“CommonFloor has been a great addition to our real estate portfolio,” Quikr said in a statement in response to ET’s queries. “After a planned period of transition, the CommonFloor founding team is moving on to their next endeavor and we wish them all the best in their future journey. We will continue to invest in and build QuikrHomes, CommonFloor and Grabhouse as leading franchises in the Indian online real estate industry.”
Commonfloor.com offers home seekers, sellers and real estate professionals an extensive online real estate ecosystem. It has all conceivable property details for over 5 lakhs active property listings across over 200 cities and over 1,10,000 projects. Apart from a robust search mechanism Commonfloor also maintains a vast repository of research on a host of property related matters ranging from legal issues to maintenance to facility management to home insurance among many others.
The Quikr acquisition has brought CommonFloor to a place where the company didn’t think it’ll be. Although CommonFloor continued as an individual brand under QuikrHomes. Very few work for CommonFloor out of thousand-odd employees. (Image-yosuccess.com)
