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Quikr raised $83M from AB Kinnevik in all; micro sites for key verticals


Classifieds site Quikr raised SEK 346m ($40.55 million) in April, from its existing investor AB Kinnevik, the company announced in its Q1 results presentation. At that time, the company had raised $150 million from existing investors Tiger Global and AB Kinnevik and new investor Steadview Capital. The company had said that it would use the funds to invest in its mobile business and strengthen its hold in categories like goods, cars, real estate, jobs and services.

An NDTV report from last week claims that Kinnevik acquired an additional $20 million stake in Quikr through a secondary share purchase. A VCCircle report stated that Kinnevik is currently the single largest shareholder in Quikr, while new investors have also bought shares from existing shareholders.

Quikr had raised $60 million investment led by Tiger Global, with participation from other investors including  Kinnevik, Matrix Partners India, Nokia Growth Partners, Norwest Venture Partners, Omidyar Network, Warburg Pincus and eBay in September last year.

Almost 5x increase in page views: In the presentation, Kinnevik claims that Quikr’s unique monthly visitors (UMVs) grew 13% in the Jan-March 2015 quarter from the same quarter in 2013, without specifying numbers. The UMVs grew marginally in the same quarter last year. It also said that Quikr’s pageviews had increased 4.9 times in the quarter, compared with the same quarter in 2013. For the quarter ended March 2014, there was a slightly less than double increase in pageviews.

AB Kinnevik owns an 18% stake in Quikr, and has invested SEK 708 million ($82.97 million) in Quikr so far. It claims to have a Latest Transaction Value (LTVs) of SEK 1,378 million ($161.48 million). The company is looking at launching micro sites for its key verticals under separate domain names.

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The Bangalore based Quikr claims to have over 30 million unique monthly visitors from over 1,000 Indian cities, with a gross merchandise value (GMV) of over $5 billion monthly. It also charges SMEs in order to keep the service free for end users.

Previous Quikr developments:

Quikr Jobs portal: Last month, it launched a dedicated job search section that allowed users to search for full-time, part time, freelancing and other employment-related opportunities. This was the latest step in developing more verticals within the horizontal for Quikr, entering domains dominated by single-category vertical classifieds companies. Quikr then had verticals for Real Estate (launched in April), Matrimony, Education, Electronics, among others.

Quikr Dvlpr platform: In the same month, the company opened up its API for other developers through a new platform called Quikr Dvlpr, to enable them to build apps on top of its platform. Quikr said that this platform: “offers core functionality like accessing our buyer/seller flow, accessing our listings by category and/or city, replying to these listings, our messaging capability, posting ads in any category or city and accessing our deep search capabilities”. At that time, it had claimed that users were posting over 250,000 listings on Quikr every day.

Quikr Nxt: In January this year, Quikr had launched an instant messaging feature called Quikr Nxt, that enabled real time conversations between buyers and sellers.

Quikr Homes: In April, the company said that it was planning to launch a real estate-focused website called quikrhomes.com (not yet live). The site was expected to be within 4-6 weeks, and feature listings for plots and commercial spaces, alongside listings for houses and apartments for sale and available on rent. Quikr had brought on board Favista co-founder Manish Sinha to head QuikrHomes. He would be in charge of growing the company’s consumer real estate business in India and lead strategy and growth plans for other real estate categories.

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QuikrServices marketplace: The company was also looking to launch a services marketplace called QuikrServices, and had roped in P. D. Sundar to head the business. Sundar would be responsible for verticalizing Quikr’s services marketplace, as well as marketing and revenue generation in this category.

Direct purchases: In April, Quikr had also introduced direct purchases via its website. Quikr would take care of end-to-end sales, including collecting payments, home delivery and provide money back guarantee.

Image Credit: Flickr user Ian Lamont

Written By

I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.



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