Online real estate portal CommonFloor has acquired Bakfy, an anonymous gossip app for students for an undisclosed amount. The deal is a mix of cash and equity confirmed CommonFloor chief executive Sumit Jain.
The Bakfy team will join CommonFloor as entrepreneurs-in-residence and will work directly with the founders to build social and mobile products.
Bakfy was founded in 2013 by Niranjan Bala, Rajesh Eswarlal, and Ashutosh Garg. Bakfy acts as a college broadcaster where students share gossip, campus events, and experiences and the user remains anonymous. This is used by students in over 50 colleges.
“Talent acquisition is one of the best ways for us to get teams on board, which are collaborative and entrepreneurial, think out-of-box and are hungry to develop disruptive products. We are bullish on mobile and Bakfy team brings a proven capability of scaling up a mobile-only social network in India, which is quite unique,” said Jain.
“We believe we can add value to CommonFloor in driving innovation around mobile applications. We spent hours with Sumit and Lalit (CommonFloor founders) talking about social networking and the real estate sector and they loved our ideas. Having done a similar app themselves, called Ugal Do, they could relate to what we were trying to do,” said Garg, who worked as software professional in Oracle before starting the firm.