Quikr is an online classifieds website for India that enables people in the same city to meet and trade household goods, cars and bikes, services, real estate, jobs, and matrimonial.
Bengaluru 07 Dec, 2018. RedNewswire/-
Quikr has raised Rs 55 crore in venture debt financing from InnoVen Capital, the Temasek-backed specialty financing firm announced on Thursday. The funds will be used to to scale transaction business across verticals.
It follows the Rs 130 crore venture debt that Quikr raised in 2016 from Brand Capital, the private treaty arm of media conglomerate Bennett, Coleman and Co. Ltd (BCCL).
Rahul Tewari, Quikr’s chief financial officer,said, “As a business, we continuously look to optimise our capital structure and saw a very good fit in venture debt to support growth of our transaction businesses. With 95% revenue growth in FY18 and continued momentum in the first two quarters of FY19, each of our verticals are strengthening by the day.”
“Pranay (Chulet) and the Quikr team have built some market leading vertical platforms, all of which have significant runway for growth. The company has showcased strong momentum, with improving unit economics and is positioned well to harness the benefits of scale and large customer base,” said Ashish Sharma, CEO, InnoVen Capital.
InnoVen Capital is one of the largest and oldest venture debt providers in India, has backed most richly valued startups like OYO, food delivery platform Swiggy and ed-tech venture Byju’s.
Formerly known as Kijiji.in, Quikr was previously a subsidiary of eBay and was later spun out. Valued at $1.6 billion, Quikr has a presence across sectors such as real estate, automobile,, jobs and services. It claims to have 30 million monthly unique visitors.
Quikr has also raised over $350 million so far in equity fundingfrom Warburg Pincus, Matrix Partners, Norwest Venture Partners, eBay, Nokia Growth Partners and AB Kinnevik among others.
Quikr acquired real-estate analytics platform RealtyCompass to enhance its offerings in the real estate space and also complement QuikrHomes, acquired CommonFloor in Jan 2016.
As of March 2016, launched Quikr Doorstep to bring the convenience of e-commerce to pre-owned goods by facilitating price negotiations, payment, pickup, and delivery. Also acquired Grabhouse in Nov 2016.