Similar Momentum in the First Two Quarters of FY18-19; Again Expecting 100% Y-o-Y Growth in Current FY
Bangalore, November 21, 2018: Quikr, which now operates leading transaction marketplaces built on top of India’s largest classifieds platform, today reported in its ROC filings that its consolidated revenue from operations grew by 95% in the last financial year FY17-18 to 173.49cr. The company has continued the same growth momentum in the first two quarters of FY18-19 and is projecting to again double its revenues in FY18-19 to about Rs 350cr, with annualized run rate for Q4 being in the Rs 500cr range.
Talking about the growth, Pranay Chulet, Founder & CEO of Quikr said, “Quikr is built for the largest categories of consumer spending in the fastest growing developing economy in the world. By verticalizing our business and offering consumers completed transactions in these large categories, we’ve unlocked the true potential of our platform. Our combined addressable market accounts for 1/5th of the country’s GDP, and we can see this level of growth continuing for several years.”
Quikr’s strategy of operating online-to-offline transactional models on top of its large classifieds base has been performing exceedingly well. The company now delivers end-to-end transactions for its customers in multiple areas in its verticals, including co-living, cars & bikes, electronics and furniture, beauty, and home services.
Rahul Tewari, CFO at Quikr said, “The operating metrics in each of our verticals have been trengthening consistently. Unlike what often happens, this 95% revenue growth has been achieved with higher margins and lower cost of customer acquisition. This is due to the strengths inherent in our unique model of offering completed transactions on top of our large classifieds flow. The cross-selling opportunities and synergies between our verticals only further amplify these strengths.”
UPDATES ON ACQUISITIONS
Quikr continues to operate Commonfloor and AtHomeDiva as independent brands in the market. Rest of the acquired companies have been integrated into Quikr businesses. The acquisitions have delivered strong results for the company – by combining the models of acquired companies with its large supply and demand base, Quikr has been able to substantially grow their revenues. Losses of these acquired companies have been absorbed by Quikr and many of them are also profitable at a business level now. Scaling of Commonfloor, Grabhouse and acquired beauty businesses are good examples of this.
Quikr is India’s largest and broadest classifieds platform that is used by over 30 million unique users a month. It is present in 1200 cities in India and operates several large classifieds businesses across C2C, Cars, Education, Homes, Jobs, and Services. Quikr is accessible across mobile app, mobile site as well as desktop, and allows consumers as well as small businesses to sell, buy, rent and find things across its multiple categories with great ease. Quikr’s investors include Tiger Global Management, Kinnevik, Warburg Pincus, Matrix Partners India, Norwest Venture Partners, NGP Capital, Steadview Capital, Omidyar Network etc. Visit www.quikr.com for more details.