Quikr acquires used goods marketplace Zefo to scale up its pre-owned goods business
Quikr acquires Zefo for $28.51 Million (INR 200 Crore).
Zefo has till now total raised $19 Million.
Quikr Assured products have attained growth by 230% in the financial year 2018-2019.
Bengaluru based goods marketplace Zefo is acquired by online classifieds marketplace Quikr for $28.51 Million (INR 200 Crore). Quikr has done this deal to accelerate its pre-owned goods and services vertical. According to Pranay Chulet, founder and CEO of Quikr, With Quikr and Zefo as a combined entity, the company will be able to offer a wider selection of products at even more competitive prices. Further concentrating the acquisition Rohit Ramasubramanian, co-founder and CEO, Zefo said, “With this transaction, the potential we have creates and the offerings we have crafted can now be offered to Quikr’s large customer base.”
Zefo came into action in 2015 by Karan Joshi, Karan Gupta, and Arjit Gupta. The startup in order to keep up a high degree of standardization manages its end-to-end operations, including repair of sold products and product refurbishment. It has raised $19 Million from investors including Singapore-headquartered VC fund BEENEXT, Sequoia India and Helion Venture Partners. The company provides its products and services to four cities and provides over 10K unique products across four major categories.
Last year Quikr has launched Quikr Assured products and services. Quikr assures refurbished products are available in categories such as Electronics, appliances and in Furniture category. With the acquisition, Zefo joins with Quikr Assured products, which grew 230% in the financial year 2018-2019 and has also turned cash flow positive.
Sarath Chandra Gudlavalleti, VP, QuikrBazaar, said, “With the best of Quikr and Zefo coming together, we will make our potential twice and will more focus on maintaining the quality assurance process, marketing, retail, and logistics thus raising the bar in the refurbished market for Electronics and Appliances, furniture and Mobile space. This will increase the Quikr Assured offering to our customers and further boost our transaction-led business model.”
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