Quikr, an online platform for selling products, based out of Bengaluru, has bagged ₹20 crore in debt funding.
According to the sources, the company has raised debt by issuing 200 compulsorily convertible debentures to Trifecta Capital in May.
Whereas, with the current allotment, total debentures issued by Quikr have amounted to INR 80.68 crore with secured loans of INR 125 crore.
Quikr was founded in 2008 by Pranay Chulet as a classifieds website. Since then, the company has extended its verticals slowly and steadily. With 30 million monthly unique visitors, it is currently present in 1,200 cities in India.
Furthermore, the company had received INR 13.9 crore in a capital infusion from its Mauritius-based entity in May.
On the other hand, the company has been following an acquisition-led strategy to enhance its growth and has acquired over 15 startups.
Quikr has spread its verticals across diverse domains like grocery, home rentals, beauty services as well as online recruitment. While, the group’s parent company Quikr India Pvt Ltd reported consolidated revenue of $24.54 Mn(INR 173.49 Cr) for the year ending March 2018, a jump of 95% from its revenue from operations in the year before.
The company had said it will continue to work towards its revenues aggressively and minimise the losses. Further, it was aiming to achieve breakeven in a year’s time.
A Zinnov report had stated that online resellers space has been predicted to grow to $48 billion- $60 billion by 2022. Also, the market share of online resellers is expected to rise from the then 1.2% of the Indian retail market to 5.4%