The former employees of CommonFloor are feeling the brunt of costly acquisition by online classifieds firm Quikr. It is expected that more than 150 employees are on the verge of losing their jobs after Quikr paid around $100 million for the real estate inventory aggregator.
The acquisition process started from February onwards and till now many employees have resigned from their duties. At the time of merger, there were around 1,000 employees working with CommonFloor whereas there were 350 employees in the real estate division and total 1,600 with Quikr.
The real estate division is the single largest revenue contributor for Quikr, which has roughly $30 million in overall annual revenue.
As Quikr shifted its headquarters from Mumbai to Bengaluru last year, it had made clear that Bengaluru will remain to be the main hub for all business functions of both Quikr and CommonFloor.
By the end of this month, CommonFloor will vacate its office and all the employees will shift to Quikr’s office.