CommonFloor founders Sumit Jain, Vikas Malpani, and Lalit Mangal resigned from their current post. It’s been a year that CommonFloor has been acquired for $200 Million by online classified portal Quickr. Nobody is sure if these three founders moved into various directions or planning to startup again.
During the merger of CommonFloor into QuickrHomes, Sumit emailed his employees that CommonFloor will work independently from Quickr and current employees will retain their designation. Post the acquisition from 1000 only hand full of CommonFloor employees are working. Their Bengaluru office was closed and the team now works out of Quickr office. The founders also quit without informing their team in advance.
These updates bring various doubts like, was this acquisition a strategy to remove competition by Quickr? Was this move a $200 Million lesson for Quickr? Did Quickr buy $200 Million tech and resource through this acquisition? Read Indian Startup News.