Business

Quikr Rumoured To Buy Housing.com; CEO Rahul Yadav Calls It A Joke

NEWS WORLD INDIA | 0
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| June 30 , 2015 , 13:36 IST
Feature-imageAccording to a recent reports in the Economic Times, Quikr might be in talks with Housing.com for a possible deal to acquire the company. Magicbricks.com, which is owned by The Economic Times, is the direct competitor of Housing.com. ET mentioned three sources, according to which, the deal can be made around 1100 crores, which depends on the cash and stock split. The CEO of Housing.com, Rahul Yadav when contacted by reporters, initially confirmed the news but later denied it by calling it the 'Joke of the year'. Yadav, issued a statement to ignore the potential takeover as rumours. While, on the other hand, Pranay Chulet, founder and CEO of Quikr and Manish Sinha who heads QuikrHomes did not respond to calls. According to sources close to company's management, it appears that SoftBank, which holds 33 per cent stakes in Housing.com, has not communicated to Housing's founders of its supposed move to sell the company and, this seems to have upset the founders. As per the reports, there might soon be a board meeting held among the stakeholders of the Housing.com regarding the decision of the resignation of Rahul Yadav. The decision to allow Quikr to acquire the company would be taken later. Quikr on the other side, will be immensely benefited if they acquire Housing.com. Analysing Quickr's aspirations, this deal would be a perfect milestone for them. As per now, nothing is confirmed although, but if the deal does take place it would definitely serve as a huge profit for Quikr.