The cuts were in departments like finance and small support roles like IT support, among others employees from both Commonfloor and Quikr were given pink-slips post acquisition, an ex-Commonfloor executive said on condition of anonymity.īut as Quikr started expanding with acquisitions, the company had to keep up with competition from rivals like Olx and to some extent Facebook, which is also being used for buying and selling used goods. Mint had reported in March 2016, that at least 100 employees belonging to Commonfloor were laid off after the acquisition. So it’s not a slam dunk every time for us," Chulet said. Acquisition will get you speed in terms of growth, but there is a lot of work that needs to be done to get these acquisitions to work. In fact, there is always a trade-off in every acquisition. However, by no means have they been the only source of growth. “Acquisitions get more limelight, and so they get talked about more they have been great for us, and we will continue to look at that option. The company saw acquisitions as the best way to build its verticals, but acquisitions also meant that Quikr had to deal with job cuts and the resultant hits to its image after deals. Recently it acquired two subsidiaries of HDFC focusing on real estate brokerage and property classifieds for Rs350 crore. Quikr has been on an acquisition spree since 2015 and has acquired 13 companies in total till date across various categories. These five categories accounted for 90% of listings on Quikr at that time. In September 2015, Quikr said that it will build vertical businesses around automobiles, real estate, jobs, services and customer-to-customer sales to grow its business. This essentially required the company to identify key business segments based on user interest and build products on top of each segment. Since 2016, Quikr has adopted a vertical strategy and moved from being a horizontal classifieds portal like Craigslist. Quikr paid $120 million in an all-stock deal in early 2016 to acquire Commonfloor, which was its biggest acquisition till date. Under the homes segment, Quikr operates three acquired companies including real-estate portals Commonfloor and Realty Compass, and managed home rental platform GrabHouse.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |