BusinessE-Commerce

Quikr buys India Property Online, strengthens in the real estate vertical

Quikr was founded in 2008 but was in play since 2005. Kijiji India was the first name of Quikr. It was owned by Kijiji International which was a subsidiary of eBay Inc. In 2008, Matrix Partners India bought Kijiji India and rebranded it completely in Quikr. Quikr ever since has been an Indian company partly owned by Matrix Partners India and eBay Inc.

Quikr is an Indian advertising platform. It was founded by Pranay Chulet and Jiby Thomas around 2008. The company is present in more than 900 cities in India. It has numerous categories listed on the website and also the application; Mobile phones, cars, household goods, jobs, services, education, and also real estate. Real estate has been its one of the fastest growing parts. It has grown rapidly since they started that part of the business.

The real estate vertical contributed to about 35% of overall growth in their revenue last year. It is also estimated to grow further as the real estate part tripled in the last year or so. The next twelve months are also huge for Quikr and its real estate business as it is bound to grow around 100% in that period. Quikr has been quite serious about it as well.

The funding history of the company is also strong. The Indian company has raised around $350 million in funding up till now. It has a lot of strong backers in Tiger Globar, Kinnevik, Matrix Partners, Norwest Venture Partners, eBay, Warburg Pincus and even Nokia Growth Partners. Apart from its strong funding base, Quikr also has an acquisition-based strategy.

Quikr has managed to acquire as many as 14 startups till today. Some of those high profile acquisitions were HDFC Developers, Babajob, Hiree, Zimmber, Zapluk and many more. However, its acquisitions from the last couple of year or so have been in the real estate side of the business. This is because the real estate market in India is tilted to grow to $1 trillion by 2030 from $120 billion in 2017. It is also supposed to contribute to 13% of the country’s GDP by 2025.

Because of that, Quikr recently acquired a Chennai based startup, India Property Online Pvt Ltd. The amount of the acquisition has been kept under the radar but the acquisition of a real estate player tells us about the plans Quikr has for itself. India Property is an information-based startup. It was founded in 2012 and has over 600 thousand properties listed on its website. There are over 8000 verified builder projects to check and is spread across 15 cities in India.

This acquisition gives Quikr the whole model of India Property Online which will strengthen its real estate model. Quikr is going in the right direction as this puts them right amongst the big players. OLX and MagicbBricks are the major competitors of Quikr and this will help them fight and win. It will be interesting to see the company’s path from here on as the market is only going to stretch open in the coming years.

– Unmesh Phule

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