The Indian Wire » Startups » Quikr revenues soar 95% to ₹173 crore, cutting loss by 28% to ₹231 crore in FY18

Quikr revenues soar 95% to ₹173 crore, cutting loss by 28% to ₹231 crore in FY18

Tiger Global-backed online classifieds startup Quikr, owned and operated by Quikr India, has nearly doubled operational revenues to ₹173.5 crore, growing 95% in FY18, from ₹88.67 crore in FY17, according to the documents filed with the Registrar of Companies.

The classifieds startup saw its net revenues grow by 52% to reach ₹199.98 crore in the current fiscal, from ₹130.81 crore in FY17.

As the revenues soared, the startup also managed to shrink its losses by 28% to ₹231.2 crore in FY18, from ₹323 crore during the previous fiscal.

The growth has been driven by its shift towards the transaction-led monetizable business, adding to its conventional online classifieds business. Quikr has transitioned to a full-stack transaction-led business, in the past two years.

Pranay Chulet, Founder and CEO, Quikr, said, “The pace of growth will continue to be strong for both the classifieds and the transaction-led parts of the business. But we will see the transaction-led part of the business grow faster than the classifieds business over the next 1-2 years.”

The growth of the transaction-led business is evident from the numbers, which suggest that transactions contributed 56% of the overall operational revenues, standing at ₹98 crore, while the core classifieds business that included advertising and lead generation stood contributed ₹75.23 crore.

Quikr further claims to have turned cash-flow positive in three of its five verticals, including jobs, auto, and real-estate. Autos and real estate verticals have witnessed a high growth of 115% and 105% respectively.

Bengaluru-based Quikr was founded by Pranay Chulet and Jiby Thomas, in 2008. The startup provides a free classifieds platform, connecting buyers and sellers across 1,000 cities in India.

In August 2016, Quikr raised $20 million in debt funding from Brand Capital. According to Crunchbase, the startup has raised around $430 million, across multiple funding rounds. It also counts Kinnevik AB, Falcon Edge Capital, Coatue Management, Steadview Capital, Norwest Venture Partners, Omidyar Network, and Warburg Pincus, among its investors.

Earlier in October 2018, it was reported that Olx India grew revenues by 94% and net profit by 95% in FY18.

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