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commonfloor

Quikr Acquires Commonfloor [+ Some Cheeky Tweets]

Okay. Commonfloor has been acquired by Quikr (we told you this last year itself). The two companies took to Twitter to do PDA (public display of affection acquisition)

First, enjoy some cheeky tweets.


The deal, from what we know values Commonfloor at $200mn and the company will continue to operate as a stand-alone entity.

Started 7 years back, Commonfloor last raised $12mn from Google Ventures (in total, $63mn) and has launched multiple products – right from VR to visualized market data using GIS.

Commonfloor Founders
Commonfloor Founders

Commonfloor recorded a revenue of Rs. 44 crores in FY14-15 (against a loss of Rs 86.2 Crores).

Why Quikr And Commonfloor Need To Live Together?

The merger, which is expected to be completed over the next two to three months, 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. The combined force of two entities will create a strong online real estate industry leader, which has the largest inventory and property seeker traffic in the country.

The company will continue to operate both brands in the market and honor the commitment towards their respective customers. Further, given that the two companies have the same technology stack, the CommonFloor.com team will have expanded scope across Quikr’s four other verticals in order to further accelerate its growth

Simply put, Commonfloor gets access to Quikr userbase – which helps it grows faster than the competition.

And for Quikr, they get a ready made home for QuikrHomes property. Quikr last raised $150mn and need to focus on revenue earning properties – so why not start with real estate.

Ofcourse, the common investors include Tiger Global.

“The combined 2 million property listing makes us leaders.” says Pranay, Quikr founder and CEO.

Quikr recently acquired Indian Realty Exchange (IRX), a mobile-first aggregator of real estate broker community and realtycompass, a platform that provides builder rating and project analysis. It also made a strategic investment in A N Virtual Tech, the only company in India that has detailed real life imagery of 90%+ streets and buildings across India’s top 50 cities

The Commonfloor Journey

Watch cofounder, Vikas talk about Commonfloor journey at UnPluggd 2014.

» Also : Startup Lessons From Sumit Jain, Commonfloor Founder.

And Finally, Quikr Will Announce Commonfloor Acquisition Today

We told you about the confirmed acquisition of Commonfloor by Quikr.

And while a lot of  NextBigWhat readers are wondering whether the news is correct or not, Quikr and Commonfloor are making the final announcement today at Quikr’s Bangalore office.

The deal, from what we know values Commonfloor at $200mn (100% equity) and the company will continue to operate as a stand-alone entity.

Plus, one of the Commonfloor founders will get a board set at Quikr.

Commonfloor Founders
Commonfloor Founders

Started 7 years back, Commonfloor last raised $12mn from Google Ventures and has launched multiple products – right from VR to visualized market data using GIS.

Commonfloor has in total raised $62mn and generated a revenue of Rs. 44 crores ($7mn) in FY14-15 and will now be part of Quikr’s new focus area, i.e. Quikr Homes.

 – More details as we get them.

Quikr Acquires Commonfloor For $200mn #BigDeal

Quikr and Commonfloor have been in talks earlier and the deal, as we are told has now been sealed.

The deal, from what we know values Commonfloor at $200mn and the company will continue to operate as a stand-alone entity.

Commonfloor Founders
Commonfloor Founders

Started 7 years back, Commonfloor last raised $12mn from Google Ventures and has launched multiple products – right from VR to visualized market data using GIS.

Commonfloor has in total raised $62mn and generated a revenue of Rs. 44 crores ($7mn) in FY14-15 and will now be part of Quikr’s new focus area, i.e. Quikr Homes.

The deal is 100% equity driven and Commonfloor team gets Quikr board set as well. Importantly, there will be no layoffs.*

Why Quikr And Commonfloor Need To Live Together?

Simply put, Commonfloor gets access to Quikr userbase – which helps it grows faster than the competition.

And for Quikr, they get a ready made home for QuikrHomes property. Quikr last raised $150mn and need to focus on revenue earning properties – so why not start with real estate.

Ofcourse, the common investors include Tiger Global.

The Commonfloor Journey

Watch cofounder, Vikas talk about Commonfloor journey at UnPluggd 2014.

Competition Housing.com is currently going through an internal restructuring and has laid-off in big numbers

*More details as we get them.
Vccircle was first to report this development, but their numbers are apparently wrong.

Commonfloor Quikr Deal Falls Through

Update : The deal is done. Quikr has acquired Commonfloor.

There were rumors of Quikr acquiring Commonfloor earlier last month. We have learned from several sources that the deal has been called off.

One of the reasons cited for the deal to be called off is the equity-cash ratio breakup offered by Quikr.

Yesterday, Commonfloor leadership team held a townhall meeting to assure employees that things are fine and that they have enough cash at hand for 15 months runway.

Commonfloor’s Strength : Data Collection & Research

One of Commonfloor’s strength lies is in data collection/research and we have learnt that 2 of top Commonfloor’s data team leaders have joined QuikrHomes few weeks back.

This might have given Quikr a definite edge in data collection and could be one of the reasons for Quikr to not negotiate further.

Commonfloor has in total raised $62mn and Quikr recently raised $150mn to expand in other categories like real estate and jobs.

CommonFloor To Offer Visualized Market Data Using GIS-based Systems

CommonFloor has come up with a Geographic Information System (GIS) based real estate report which highlights key trends witnessed in real estate market across cities.

GIS offers spatial analysis or spatial statistics—it includes formal techniques which study entities using their topological, geometric, or geographic properties. GIS can be applied in real estate to generate visualized market data.

The application’s focus is not only on analyzing data through this technology but also in forecasting trends in real estate industry by producing data through GIS, says CommonFloor.

For better understanding, visit the below link(s) of GIS-based real estate reports compiled by CommonFloor:
http://goo.gl/KZXhxG
https://goo.gl/xjqnb9

“Commonfloor’s introduction of GIS technology in real estate sector signifies their vision of organizing real estate industry through technology and data to enable fulfilling property decisions,” they added.

CommonFloor Launches Smart Guard App to Ramp-Up Security in Gated Communities

CommonFloor Groups, a subsidiary of commonfloor.com, has launched “Smart Guard’— a mobile app that enables gated communities to record visitor information digitally. The app is available only for Android users only.

Smart Guard aims to increase security in communities by allowing security guards to record the movement of visitors (Staff/Guests, Vendors) through the mobile app. It sends automatic SMS alerts to residents on guest arrival to ensure authorized entry.

The apartment association gets regular automated reports listing the number of visitors which helps in keeping a systematic record and good security measures at the community.

Vikas Malpani, Co-Founder & Head of CommonFloor Groups said that they are also working with a few partners to integrate Aadhaar based verification accounting.

“Our focus has always been on making communities smarter – one where residents can enjoy a hassle free and secure living and we strive to provide them the technological automation resolving their daily management hassles,” added Malpani.

Commonfloor Launches Locality Virtual Tour Across 100 Localities

CommonFloor has launched the first-ever ‘Locality Virtual Tour’ in India, enabling property buyers to have a virtual walkthrough of neighborhood of any locality, thereby saving up to 90% of the time by making the buyer not visit wrong neighbourhoods.

Property buyer can get 360 degree view or a street view of the location mapped on google maps (along with geo-code) this eliminates the need to visit the location in person which provides buyers a comprehensive perspective of the locality.

Currently, we have mapped 100 localities in Bangalore, Delhi and Mumbai on this feature and we intend to list out 500 localities across 10 cities in the next six months. Our vision is to map every bit of locality on Google maps and empower user to make property decisions in half a day [Commonfloor Cofounder, Lalit Mangal / example]

Commonfloor earlier launched Live-in Tours (VR based).

Commonfloor’s Sumit Jain Does A Tweetstorm Post Housing Saga

The Housing saga is almost settling down with the board firing Rahul Yadav, the founder/CEO.sumit-jain-commonfloor

Competitor Commonfloor’s cofounder and CEO, Sumit Jain did a tweetstorm and shares a few interesting perspective.

In an UnPluggd fashion, here it is:

Flatchat Raises $2.5 Million Funding From Commonfloor

Who: Flatchatflatchat

Funding Amount:$2.5 Million

Investor : Commonfloor


Founded six months back by Gaurav Munjal and Hemesh Singh, Flatchat enables easy and quick chatting connectivity between a seeker, a prospective owner, a tenant to potential flat mates and other seekers.

Commonflor earlier acquired Flat.to, FlatChat’s earlier brand name and has hived it off as a separate entity.

The fund will also be used to scale up operations and establishing foothold across the country especially in the cities which have a higher population of students and bachelors.

Flatchat has crossed 50,000+ users across both Android and iOS platforms, with 80% of the traffic coming from Android.

More than 350,000 messages were exchanged on the platform last month and the product has seen a growth of 100% MOM.

Exclusive: Commonfloor Is In Talks To Acquire IndiaProperty

The online real estate war is heating up and Commonfloor is in talks to acquire IndiaProperty. The deal is currently in due diligence stage.Indiaproperty

IndiaProperty was hived off as a separate business in 2013 and raised $12mn in Series B in December 2013.

Commonfloor recently raised funding from Google capital and had raised $30mn in 2014. With the recent war started by Housing, consolidation is bound to happen.

Real Estate Site Traffic Comparison
Real Estate Site Traffic Comparison

IndiaProperty, as we speak is also looking to raise close to $50mn in Series C. Either way, the deal will happen – i.e. Series C or C, i.e. Commonfloor.

Update from IndiaProperty:
“These are just baseless rumors and have no truth in them. Indiaproperty.com has no plans to sell out, in fact we will be soon closing Series C funding in a couple of weeks. We are capital efficient and are in the process of rapidly expanding our operations in India and abroad.”

CommonFloor Launches 360 Degree Walkthrough For Rent & Resale Properties

commonfloorThe online real estate platform, CommonFloor, has launched ‘Live-in Tours’ with 360-degree virtual tour for the rental and resale realty market in India.

The feature allows the user to get a complete perspective of the rental, resale & new properties listed on the website.

The company is planning to introduce this feature across 18 major cities by March 2016 and as well as to have five lakh properties listed with Live-in Tours.

“Given the boom in the rental and resale property market in India, this new offering is our endeavour to create tools and technology that makes property search easy and hassle-free for the end-consumers,” says Sumit Jain, Co-founder & CEO, CommonFloor.

Live-in Tour functions as a filter and helps the users shortlist prospective properties of their choice and eliminate the need of physically visiting the properties to a great extent. The offering is live on CommonFloor and is absolutely free for the end-users. It currently has over 1000 properties from three key cities: Bangalore, Delhi and Mumbai.

The Truth: Indian Real Estate Startups Are Innovating More Than Global Counterparts

Unprecedented innovation in last 6 months; we are beating the global biggies on innovation!

Indian online real estate space has seen unprecedented innovation in the last 6 months. Its great to see that we are doing stuff which even US or Chinese online real estate players are not doing.

I have listed some of my observations below:

1. The biggest move by Indian players is clearly to enable buyers to book an home online. Its like ‘e-commerce for homes’.

Housing launched Slice View

1

IndiaProperty launched TruView

2

99acres launched iHome

3

The large global players?

Zillow and Trulia in US and Soufun (Fang), E-house and Anjuke in China are not doing any of this yet and all of them have billion dollar market caps!

2. Commonfloor launched world’s first virtual reality product for real estate- Commonfloor Retina.

3. 3D walkthroughs of new projects introduced by Indiaproperty, Commonfloor

4

5

4. Proptiger started selling discount coupons for new projects during Diwali. These discount coupons enable the buyers to get a larger discount on the sale price of the new project (eg- buy a Rs 20,000 discount coupon and get Rs 2 lacs off on a project). However, I do not see any discount coupons live as of now.

This is something that is already happening in China. E-house sold ~100,000 discount coupons in Q4 2014 alone, worth US$120 mn (implying avg discount coupon~US$1,200= INR 72,000/-). This can be a big potential opportunity in India as well.

5. Every player has redesigned their UX in the last 6–12 months.

6. Also, in general lot of startups are doing new things in this space. Some of the examples are

NestAway– online marketplace for shared accommodations

Zenify– Property management for owners

Nobroker & Grabhouse– Find a house/flatmate without a broker

Flatchat– Helps you find accommodation on chat

But challenges still lay ahead…

Unfortunately, the online real estate market size still remains small. Listing fee/advertising model is still a ~300 cr market. If the market does not grow fast, it will be very difficult for all the players to survive.

We are clearly lagging behind on data analytics when compared to the global players. For example- Zillow does a good job with Z-estimates. This is something that I believe will gain more focus over the next 12 months. It will be interesting to see data analytics being leveraged to provide insights/assistance to customers.

[Guest article by Sandeep Reddy. Follow him on twitter @hsrdce.]

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