Quikr India's gross revenue up 68 pc to Rs 293 Cr
Online classifieds and services portal Quikr India's consolidated gross revenue for FY19 rose 68 percent to Rs 293 crore, compared to Rs 175 crore for FY18.
The net revenue from operations rose 75 percent to Rs 191 crore, compared to Rs 109 crore last fiscal, the company said. The firm’s losses went down marginally to Rs 230 crore from Rs 237 crore in FY 17-18.
The company said: "As per the new requirement of Ind AS 115, we have to net off our incentives and other compensation to customers from the revenue and hence we have restated our numbers for FY18 and have reported FY19 numbers as per the new standard too. For FY19, we have witnessed 68 percent growth in our gross revenue which is consistent with our previous years since we verticalised our business.”
The Bengaluru-based firm, which started operations in 2008, has raised close to $441 million in capital till date and has made 15 acquisitions, including Zefo, Babajob, Zimmber, Grabhouse, StayGlad, CommonFloor, Stepni, and a few others. Its investors include Tiger Global Management, Kinnevik, Warburg Pincus, Matrix Partners India, Norwest Venture Partners, NGP Capital, Steadview Capital, and Omidyar Network, among others.
Quikr last raised Rs 20 crore in debt funding from Trifecta Capital in July this year and is currently valued at a little over $1.5 billion.
The startup had also received Rs 13.9 crore on May 27 from its Mauritius-based entity. The Pranay Chulet-led firm had issued 14,940 equity shares at a premium of Rs 9,300 per share to Quikr Mauritius Holding Ltd.
In May 2019, Quikr also tied up with Asia’s largest certified refurbished and excess inventory brand Rocking Deals to provide offline services to its customers.
Quikr, which claims to have over 30 million unique users a month, is present in 1,200 cities in India, and operates classified businesses across C2C, cars, education, homes, jobs, and services over its mobile app and a website.
(Edited by Teja Lele Desai)