New Delhi: Online classifieds portal Quikr has recorded a 52% jump in net revenues at Rs 199.98 crore, while losses narrowed for the year ended March 2018( FY18), according to documents filed with the Registrar of Companies. Quikr posted net consolidated revenue of Rs 130.81 crore in last financial year. The company’s operational revenues also soared 95% to Rs 173.5 crore from Rs 88.67 in FY17 and 41.24 in FY16.
Quikr, run by Quikr India Pvt. Ltd, has shrunk losses by 28% to Rs 231.2 crore against Rs 323 crore the previous year. It’s total expenses stood at Rs 434 crore.
Tiger Global-backed Quikr operates in segments including real estate, auto, jobs, goods and services. Real estate was among the highest revenue generating segment, according to chief executive officer Pranay Chulet. As of March 2018, Quikr’s various segments recorded year-on-year growth—real estate (105%), used cars and bikes (115%), goods (90%), Quikrjobs (90%) and QuikrEasy(80%).
Since 2016, Quikr has adopted a vertical strategy and has pivoted from being a horizontal classifieds portal like Craiglist. This essentially required the company to identify key business segments based on user interest and build products on top of each segment.
“By verticalising our business and offering consumers completed transactions in these large categories, we have unlocked the true potential of the platform,” said Chulet.
According to chief financial officer Rahul Tiwari, the company’s higher margins and lower cost of customer acquisitions boosted the 95% growth during FY 17-18.
Quikr, which was on an acquisition spree since 2015, has acquired 13 companies till date across various categories. These contribute nearly 55% of Quikr’s total revenue, Chulet added. The company had sought to grow by buying companies and creating a diverse range of businesses.
Quikr aims to double it’s revenue in FY 18-19 targeting Rs 350 crore, with an annualised rate of return of Rs 500 crore.
Quikr forayed into financial services including lending last year. “We have been aggressively looking to grow our financial and transactional services,’” added Tiwari.
Mint reported on September 18 that the company is looking to raise between $100 million and $150 million from new and existing investors. However, Chulet denied any plans to raise further capital and said, “we are well cashed.”
Like many businesses, the company had struggled to translate traffic on the platform and has focussed on cutting costs and expanding businesses that are losing less money. “Our cash burn has reduced by 40-50% over time,” said Chulet.
AB Kinnevik of Sweden, which holds 17% stake in Quikr, valued it’s holding at $178 million in the Bengaluru-based company. According to it’s latest interim report, Quikr’s valuation stands at $1.03 billion.
Quikr has so far raised over $400 million from investors such as Steadview Capital, Kinnevik, Tiger Global Management, Matrix Partners, Warburg Pincus, Tiger Global, Norwest Venture Partners and Omdiyar Networks.
Naspers-backed Olx India Pvt. Ltd,which competes with Quikr, has posted net revenue of RS 15.59 crore in FY 18, according to a report from VC Circle.
