Right from the get-go, Quikr has changed the rules of the digital classifieds business. Be it innovating upon the earlier era’s listings-based model, or verticalization of the business, or our recent venture into O2O, we’ve actively pursued the goal of being India’s only home-grown platform that bridges the gap between aspirations and affordability for Indian consumers. Our spirit of constant innovation is reflected in many industry firsts like our missed call service, QuikrNxt, Maximum Selling Price (MSP), and QuikrScanner amongst many others. And the fact that our users love them is seen in our enormous userbase, over 95 percent of which is organically sourced.
Given our love for doing what’s right for our users, we’ve tested uncharted waters many a time. As we went deeper into our large categories via verticalization, we gained an extensive understanding of their respective dynamics and also developed an ability to compare their economics vs. one another. This gave us a clear view of which categories are more attractive than others. Based on these insights, we recently decided to make some tweaks in our operating model and our team structure so that we could sharpen our focus on the most attractive opportunities.
We also discovered some recent anomalies in our Co-living and Cars businesses where some market players had colluded with a small number of our employees to bypass the rules of engagement and try to game the system. We’ve undertaken 3rd party audits, identified and culled out such players from our marketplace, exited such employees from our company and initiated necessary action against all the parties involved. While this has had some short term impact on us, the impact is contained within these categories and has not affected any of our other categories which have traditionally driven a majority of revenue on our platform. To ensure operational consistency and mitigate potential risks in the future, we’ve also invested in strengthening our compliance processes. Needless to say, we will never tolerate unethical activities on our platform and would always choose long term value over short term considerations.
Change is the only constant in our industry. As we adapt to ever-evolving market situations and continue to grow as an organization, we’ll always continue to learn and take any challenges head-on. Speed and flexibility are the very essence of our name Quikr!