Online classifieds portal Quikr has got a 13% hike in its valuation from one of its investors, Kinnevik AB. In its latest quarterly report, the Swedish investment firm valued its 18% stake in Quikr at $265 Mn, increasing the total valuation to $1.47 Bn. The valuation of Kinnevik’s shares in Quikr is based on the value implied by cash transactions made in secondary Quikr shares with various preferential rights.
The valuation grew by $170 Mn from the previous quarter’s number of $1.3 Bn. Last year, Quikr was tagged as a Unicorn when it raised $150 Mn in April 2015 at a billion-dollar valuation. This was the round where Kinnevik and Tiger Global were the lead investors.
“The company made a number of bolt-on acquisitions during the quarter (Jul-Sep 2016) that enhance its strategic positioning and product offering – these include platforms offering jobs, vehicle maintenance services, and on-demand beauty services,” Kinnevik said in an official statement.
Quikr has been on an expansion spree this past year. In January 2016, Quikr acquired online realty portal CommonFloor in a stock-and-cash deal for $200 Mn. Following that, in March, it launched Quikr Doorstep for C2C buying and selling of pre-owned goods. In July, Quikr acquired Bengaluru-based online recruitment firm Hiree for an undisclosed amount. The company also acquired Stepni in September 2016, thereby integrating Stepni’s entire team into QuikrCars.
Quikr launched its on-demand beauty service ‘AtHomeDiva’ within its QuikrServices category in July 2016. To bolster the space, Quikr acquired in-home beauty service provider, Salosa in May, on-demand beauty, wellness, and fitness app ZapLuk in August, and mobile marketplace for beauty services, StayGlad in September.
Founded by Pranay Chulet in 2008, Quikr claims to have a user base of over 30 Mn per month. It is present in 1,000 cities in India and operates across 14 classifieds businesses including mobile phones, household goods, cars, real estate, jobs, services, and education.
The company is backed by investors including Tiger Global Management, Kinnevik, Warburg Pincus, Matrix Partners India, Norwest Venture Partners, Nokia Growth Partners, Steadview Capital, Omidyar Network, and Ebay Inc. The last round of funding was raised in August 2016, where Quikr rsecured $19.4 Mn (INR 130 Cr) in a debt financing round led by Brand Capital, the private equity arm of media company Bennett, Coleman and Co. Ltd (BCCL).
This cross-platform expansion and the valuation boost by Kinnevik have certainly given Quickr reasons to celebrate this Diwali.
The development was reported by ET.
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