Quikr acquires Zefo for Rs 200 crore, plans offline expansion
today Apr 26, 2019
Quikr India Pvt. Ltd has acquired online pre-owned goods seller Zefo for around Rs 200 crore ($28.6 million). Zefo is Quikr’s first acquisition in the refurbished goods space and expects the deal to boost its Quikr Assured vertical which sells a range of products including apparel, footwear, accessories and more.
Zefo is currently present in Bengaluru, Delhi-NCR, Mumbai, and Hyderabad and sells over 10,000 different products.
With this deal, Quikr is also looking to strengthen its offline presence and will be expanding aggressively across the country over the next six months adding 300 stores through the franchise route.
“The acquisition of Zefo is in line with the phenomenal consumer acceptance of the Assured products and services on our platform. Generally, a pre-owned product’s price can be as low as 30-60 percent of a new one. Now, with Quikr and Zefo as a combined entity, we will be able to offer a broader selection of refurbished products at even more competitive prices along with a strong focus on quality,” in a statement said Quikr founder and CEO Pranay Chulet.
Founded in 2008, Quikr has so far raised $350 million from investors such as Tiger Global Management, Kinnevik AB, Warburg Pincus, Matrix Partners, Norwest Venture Partners, eBay, Nokia Growth Partners and Omidyar Network.
The company had witnessed a 95 percent surge in operational revenues to Rs 173 crore in FY18 helping the firm trim its losses to Rs 233 crore from Rs 324 crore it had posted the previous fiscal.
Copyright © 2020 FashionNetwork.com All rights reserved.