Quikr revenue soars 95% to Rs 173 crore in FY18, expects to double revenue at about Rs 350 crore

New Delhi: Online classifieds platform Quikr Wednesday said its consolidated revenue from operations grew by 95 percent to Rs 173.49 crore in FY2017-18.

Quikr continued its growth momentum in the first two quarters of the current fiscal and expects to double its revenue at about Rs 350 crore with annualised run rate for the fourth quarter being in the Rs 500 crore range, the company said in a statement.

"By verticalising our business and offering consumers completed transactions in these large categories, we've unlocked the true potential of our platform," Quikr founder and CEO Pranay Chulet said.

Quikr's strategy of operating online-to-offline transactional models on top of its large classifieds base has been performing exceedingly well, the statement said.

 Quikr revenue soars 95% to Rs 173 crore in FY18, expects to double revenue at about Rs 350 crore

Representational image. Image courtesy: Twitter/@Quikr

The company delivers end-to-end transactions for its customers in multiple areas in its verticals, including co-living, cars and bikes, electronics and furniture, beauty, and home services, it added.

"...this 95 percent revenue growth has been achieved with higher margins and lower cost of customer acquisition," Quikr CFO Rahul Tewari said.

He added that cross-selling opportunities and synergies between its verticals further amplify these strengths.

It continues to operate Commonfloor and AtHomeDiva as independent brands in the market, while other acquired companies (Grabhouse and acquired beauty businesses) have been integrated into Quikr businesses, the company said.

The acquisitions have delivered strong results for the company by combining the models of acquired companies with its large supply and demand base, Quikr said.

Quikr claims to get over 30 million unique users a month. It operates several classifieds businesses across C2C, cars, education, homes, jobs and services.

Its investors include Tiger Global Management, Kinnevik, Warburg Pincus, Matrix Partners India, Norwest Venture Partners, NGP Capital, Steadview Capital and Omidyar Network.

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Updated Date: Nov 21, 2018 20:00:44 IST