Online classifieds portal Quikr India which has seen its turnover swell to Rs 63.8 crore. The Tiger Global and Kinnevik AB-backed company is yet to file it FY17 financials in detail.
The turnover signals a 55% increase from the turnover of Rs 41.2 crore that the company clocked in FY16 as per documents filed with the registrar of companies and sourced from business information platform Tofler.
For Quikr, FY17 has been a year where its inorganic strategy has begun bearing fruit significantly with the businesses of the acquired startups now forming well over 55% of Quikr’s overall revenues.
Quikr Spokesperson said “Our revenue trajectory has validated that the verticalization strategy is working well and we are seeing strong acceleration in business fundamentals including revenue. We did many of our acquisitions with the belief that those businesses could scale more effectively and efficiently by integrating with our strong brand and large consumer base, and that strategy has played out pretty well.”
Naspers-backed Olx, which competes with Quikr in India, too saw a similar surge of 58% in revenues at Rs 92.5 crore in FY17 even as profits grew 31% to Rs 8 crore. For Quikr, FY16 saw the firm scale up revenues 66% even as losses grew 20% at Rs 534 crore. However, it is important to note that for Olx India, services to global markets formed over 82% of its topline in FY17, a model that is not followed by Quikr.
For Quikr, a shift towards a more transaction-based revenue model across its key verticals including real estate, auto, services and C2C platform through Quikr Bazaar, has helped strengthen the Bengaluru-based firm’s balance sheet as it targets profitability by FY19.
For real estate, which forms the lion’s share of Quikr’s revenues at 30%, the rental business currently operates a transaction-based revenue model with an aim to expand beyond listings in the rest of the real estate business by the end of 2017. The firm has already begun the transaction-based revenue model across its auto vertical and also offers last mile pickup and delivery facilities for its services and bazaar categories for a fee.