New-York based Tiger Global Management is expected to infuse fresh capital in online classifieds major Quikr, which is close to acquiring realty portal CommonFloor for about $160 million, over a three times jump in the previously quoted deal amount.
The acquisition may also see Bengaluru-based Quikr, which is being valued at $1.5 billion in the transaction, entering the elite unicorn club, said a report in The Times of India.
Venture capital firm Tiger Global, an existing investor in both Quikr and CommonFloor, is expected to pump in fresh capital at the latest valuation through primary issuance of shares, the report said.
In September, Quikr had closed $60 million funding round that was led by Tiger Global, taking the total funding to about $200 million since its inception in 2008. Other investors in the firm include Swedish investment firm AB Kinnevik, eBay Inc, Omidyar Network, Nokia Growth Partners, Matrix Partners, Warburg Pincus and Norwest Venture Partners.
Quikr has a presence in over 940 cities in India and operates in 13 categories and in 170 sub-categories ranging from mobile phones, real estate, cars, services and jobs to entertainment, furniture and electronics.
CommonFloor, which is owned by Bengaluru-based Maxheap Technologies Pvt Ltd., was founded by Sumit Jain, Lalit Mangal and Vikas Malpani in 2007. It has grown into a company of more than 1,000 employees in more than 22 locations across India.