CommonFloor, the online real estate portal which is a recent acquisition of Quikr has cut off around 150 of its employees. CommonFloor had around 650 employees.
The Bengaluru-based real estate listings portal which was acquired by Quikr in January 2016 has been downsizing its team after the news of the acquisition was made public, according to two people familiar with the developments.
According to one employee who has already exited CommonFloor, the process to find suitable roles began soon after the acquisition. They said that Quikr has a full-fledged team and did not want to absorb new people for the same roles.
Lalit Mangal, Co-Founder and Chief Technology Officer, CommonFloor said, “A good percentage of Employees have been absorbed into various roles.”
An Automated termination mail was sent on Friday evening and it stated ‘to look out for career opportunities outside the company’. CommonFloor’s Bangalore office in Diamond District will be shutdown within a month’s time according to a source.
Quikr commenced the new year acquiring CommonFloor for $200 million which raised a few eye-brows as CommonFloor was valued at around $150 million