Indian Precise Property Search Engine CommonFloor Acqui-Hires Anonymous Gossip App Bakfy
From anonymous gossip to bricks and mortar… Indian precise property search engine and listings web site CommonFloor, which remaining January raised $10.4 million from Tiger Worldwide and Accel to extend previous property listings, has acquired mobile native social app Bakfy, an anonymous gossip app for school youngsters.
The price of the acquisition simply is not being disclosed nevertheless Bakfy co-founder and CEO Ashutosh Garg confirmed to TechCrunch the deal is a mix of cash and equity. The startup was based mostly spherical February last yr. It had raised a small seed spherical and rolled out its service to spherical 60 faculties in India, gaining some 5,000 clients.
Bakfy will now be shut down, Garg confirmed, as CommonFloor should not be about to division into anonymous scholar gossiping. Barely it has its private groups perform which Garg characterised as a social group for home buildings.
“[CommonFloor Groups] is a similar hyperlocal social group for studios,” he said. “That’s the place the synergy is. They should focus additional aggressively on social and mobile, they often appreciated what we’ve got been doing so they decided to get us on board.”
Bakfy had beforehand self described as ‘Secret for faculties’. Nevertheless given the latter’s travails to make anonymish social networking stick with out points getting too sticky content material materials-intelligent, so to speak, the startup grabbing a swift exit from a hyped nevertheless shaky space to a robust progress market (on-line precise property) clearly ended up being a no brainer for Bakfy’s three founders — whatever the deal’s cash value. India’s on-line precise property market observed a $ninety million funding spherical for the Housing.com property portal remaining December.
On the CommonFloor facet, the acquisition is a experience acqui-lease with all three Bakfy co-founders turning into a member of as “entrepreneurs in residence” to help it assemble social and mobile merchandise.
Chatting with India’s Monetary Events, CommonFloor CEO Sumit Jain said: “Experience acquisitions is probably going one of many biggest strategies for us to get teams on board, which might be collaborative and entrepreneurial, assume out-of-subject and are hungry to develop disruptive merchandise. We’re bullish on mobile and Bakfy workforce brings a confirmed performance of scaling up a mobile-solely social group in India, which is type of distinctive.”
Garg conceded anonymous social networking is a hard space to monetize, however as well as talked up the enlargement potential for precise property market he and his co-founders in the intervening time are leaping into. “We’ve been much more enthusiastic concerning the fact that the Indian precise property enterprise is probably going one of many quickest rising enterprise’s in India after ecommerce,” he added.