In order to scale up its pre-owned goods business, online classifieds platform Quikr has acquired Zefo, Sequoia-backed refurbished goods marketplace, for Rs 200 crore in an all-stock deal. This acquisition is in line with the company’s overall strategy of going deeper into key verticals.
Pranay Chulet, Founder, Quikr, said, “With Quikr and Zefo as a combined entity, we will be able to offer a broader selection of products at even more competitive prices along with as strong a focus on quality.”
Rohit Ramasubramanian, CEO of Zefo, stated, “Zefo promises a high-quality, hassle-free refurbished and pre-owned goods experience to both buyers and sellers. With this transaction, the capabilities we have built and the offerings we have honed can now be offered to Quikr’s large customer base.”
Founded by Arjit Gupta, Himesh Joshi, Karan Gupta and Rohit Ramasubramanian in 2015, Zefo is an online marketplace that specializes in selling refurbished TVs, mobile phones and furniture. It has a portfolio of over 10,000 products across these categories in four cities.