Quikr - Independently Connecting Buyers And Sellers

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.

An online e-commerce marketplace is a sort of e-commerce website where different external parties supply products or services. The most common sort of omnichannel e-commerce is online, which may help optimize the manufacturing process.

In online markets, consumer purchases are handled by the marketplace operator and then supplied and executed by partnering shops or wholesalers in the online marketplace. These websites let customers register and sell anything from a single item to a large number of goods for a "post-selling" charge. Because marketplaces consolidate items from a variety of vendors, the availability and selection are frequently greater than in vendor-specific online retail storefronts.

Quikr is an example of an online marketplace. Pranay Chulet and Jiby Thomas launched it in 2008 as a commercial advertising firm based in Bangalore, India. Quikr includes listings for household products, jobs, mobile phones, real estate, automobiles, and educational services in over 1000 Indian cities. Quikr is a free advertising and online marketplace in India that allows individuals to sell, buy, rent, and find anything and everything across the country.

Quikr - Company Highlights

About Quikr and How it Works?
Quikr - Industry
Quikr - Founders
Quikr - Startup Story
Quikr - Name, Logo, and Tagline
Quikr - Vision, and Mission
Quikr - Business Model, and Revenue Model
Quikr - Funding, and Investors
Quikr - Acquisitions
Quikr - Brand Ambassadors
Quikr - Growth
Quikr - Competitors
Quikr - Challenges Faced

About Quikr and How it Works?

Quikr is a free classified ad company and online marketplace in India that allows users to sell, buy, rent, and find anything. People in the community can use their website to find a flat, sell their old music systems, automobiles, mobiles, laptops, or furniture, get an audience for a local event, advertise their small business, find a tuition class, join a salsa class, get a break as a model or actor, buy anything they want or have to offer, and make new friends while doing so.

The company's goal is to keep incorporating turn-taking and noteworthy features into your Quikr experience, whether it's QuikrNXT, which allows you to buy and sell without jeopardizing your privacy, or the missed call service, which allows Quikr to reach out to people who aren't currently online but will be.

Quikr - Industry

In the year 2021, India's internet penetration rate will surpass 830 million, accounting for more than 40% of the total population. Despite having the world's second-largest customer base, behind only China, e-commerce penetration is low in comparison to markets such as the United States and France, but it is growing, with around 6 million new participants each month. The general perception in the sector is that growth is nearing an important milestone.

After a rough year due to the pandemic's breakout, Indian industries have seen a v-shaped comeback in 2021. As a result, the Indian advertising sector saw a comeback in ad spending, resulting in a market value of Rs. 70,715 crore, up 18.6% from 2020. According to the latest study, the industry is predicted to reach Rs 93,119 crore by the end of 2023, rising at a rate of 14.75 percent. Furthermore, the digital advertising sector grew by 35.3 percent from Rs 15,782 crore in 2020 to Rs 21,353 crore in 2021, owing to the faster corporate and consumer transition to digital.

20 Best Reseller apps in India | List of Top Reselling Apps

Searching apps for reselling or shopping? Here is a list of 20 Best reselling apps in India to find a proper marketplace to buy or sell products.

StartupTalkySushree Sangeeta Behera

Quikr - Founders

Quikr was founded by Pranay Chulet and Jiby Thomas in 2008.

Pranay Chulet

Since January 2008, Pranay Chulet has served as the founder and CEO of Quikr. Pranay was born and raised in India but relocated to New York after finishing his studies to work for Mitchell Madison Group, a strategy consulting business that advised clients in the media and banking industries. Pranay founded a company two years after arriving in the US, which he eventually merged with Walker Digital. Pranay received a Gold Medal from IIM Calcutta in 1996 during his post-graduation, and he did a BTech from IIT Delhi before that.

Jiby Thomas

He is a skilled expert with more than two decades of experience in marketing communications and online marketing. Jiby was a member of the founding teams of Baazee and Baazee Motors, as well as Kijiji India and Quikr. He is assisting in the development, expansion, and scaling of these firms. He enjoys advising motivated and skilled entrepreneurs on topics such as team building, processes, products, and strategy. He also went to IIM Calcutta for his postgraduate studies.

Quikr - Startup Story

Pranay's most notable achievement in the world of digital media was the creation of Craigslist Media Company in California, which quickly became a huge success in the U.S. That's when the concept of Quikr struck his mind. But Pranay did not wake up one day and decide to develop India's leading classified site, "Craigslist."

People in India want to experience goods and examine them before buying them, and he envisioned a platform that would connect buyers and sellers and allow them to complete their deals offline. This physical component distinguishes his proposal from e-commerce sites like Amazon or Flipkart, but it also puts it in the classifieds category. As a result, in July 2008, Pranay established Quikr.com as Kijiji.in.

Quikr - Name, Logo, and Tagline

Quikr was formerly a division of eBay. Kijiji, their brand name, is a "Swahili" term that means "community. They discovered that the trademark was hard to pronounce after it had been launched. As a result, Pranay Chulet and the other co-founder, Jiby Thomas, decided to form a new subsidiary and call it Quikr.

Similarly to his brand name, he provided a "quicker" manner for consumers to deal with than other market platforms.

Quikr's tag line, "Aasan hai badalna," matches today's modern Indian spirit and quickly connects with young, aspirational Indians looking to improve their lives.

QUIKR PLAYS CUPID THIS VALENTINE’S DAY

Quikr has analyzed what products Indian customers are falling in love with based on the search trends seen on Quikr Bazaar platform in January 2020.

StartupTalkyAshwini

Quikr - Vision, and Mission

The mission statement of Quikr says, "Quikr aims to empower every person in the country to independently connect with buyers and sellers online."

Quikr's basic values are as follows:

• Flexibility
• Speed
• Innovation
• Transparency
• Frugality

Quikr - Business Model, and Revenue Model

Quikr's high point was that company has a clear revenue model in order. Advertising, premium listings, and lead generation would be the three revenue streams for the organization.

Apart from many other things, one of the unusual techniques was that each city had its own Quikr. Punjab, for example, may have ploughs mounted to Royal Enfield motorcycles. Jeeps were quite popular in Udaipur; thus, they had open jeeps for sale, while Kolkata may have women entrepreneurs selling homemade panipuri, among other things.

Essentially, the target demographic was properly segmented through the site, and Pranay, as a marketing professional, was well aware that brand promotion is the most important aspect of advertising. He spent the majority of their money on advertising. As a result, he developed a really creative approach to P2P (person to person) sales.

Quikr - Funding, and Investors

Quikr has so far secured money in several stages. Trifecta Capital Advisors provided the most recent capital on April 19, 2019, in the amount of Rs 200 million from a debt financing round. Prior to that, InnoVen Capital provided finance on December 7, 2018.

Quikr - Acquisitions

Quikr - Brand Ambassadors

Ranveer Singh and Suriya had been appointed as brand ambassadors for this online cross-category classifieds website. This strategy was in keeping with Quikr's then new "Aasaan hai badalna" marketing viewpoint. Singh was featured in Quikr's then-forthcoming commercial campaign. Suriya was shown in advertisements for the country's southern market.

Quikr - Growth

The firm not only grew at a breakneck pace relatively quickly, but it also became a generic brand for classified ads. Some of the most significant developments occurred as well. In 2012, the firm had a monthly user base of more than 22 million people in 65 cities. In 2014, the firm increased its customer base and generated revenue of roughly Rs. 200 crore. A lack of room had also prompted the creation of a novel idea.

Quikr also launched a first-of-its-kind service called 'missed called the center." Quikr, which employs 1200–1300 employees, reported 15 lakh (approximately 1.5 million) transactions each month in 2015, valued at over $5 billion. eBay, Tiger Global Management, Nokia Growth Partners, Steadview Capital, Investment AB Kinnevik, Warburg Pincus, Matrix Partners India, Omidyar Network, and Norwest Venture Partners (NVP) are among the investors who have contributed $346 million to Quikr. In FY17, Quikr made a profit of $10 million (INR 63.8 crore).

Quikr - Financials

EBITDA

Quikr - Competitors

Snapdeal, Glassdoor, Circa, Flipkart, LinkedIn Job Search, ZipRecruiter, Indeed Hiring Platform, Hired, NoBroker, and Maihaoche are among Quikr's main rivals.

Quikr - Challenges Faced

Fierce Competition

Quikr began as a basic and original concept. A location where people may trade stuff with one another, but as you can see, the notion of categorizing also crossed paths with a lot of players, coming from different directions. As a result, it was in direct or indirect competition with a number of enterprises, but Pranay was unconcerned about this.

He understands that a market with a lot of competitors is not the same as a market with a lot of noise. Anyone may create a website, but not everybody can start a classified advertising firm. Quikr, he claimed, was simple and clean, and it was more powerful than the others since it showed more listings and raw experiences to its customers. Similarly to his brand name, he provided a faster or "quicker" approach for consumers to deal with than other marketplaces.

Mounting Losses

Quikr's losses decreased by 90% to Rs 55.48 crore in FY21 from Rs 563.2 crore in FY20 due to cost management. Controlling losses also had an impact on the company's financial outflows, which fell to Rs 80 crore in FY21 from Rs 142.2 crore in FY20. Quikr has invested Rs 2.04 per unit to generate a rupee in operational revenue.

Quikr - FAQs

What does Quikr do?

Quikr is a free classified ad company and online marketplace in India that allows users to sell, buy, rent, and find anything.

Who founded Quikr?

Quikr was founded by Pranay Chulet and Jiby Thomas in 2008.

How does Quikr make money?

Advertising, premium listings, and lead generation are the three revenue streams for the organization.

Which companies do Quikr compete with?

Snapdeal, Glassdoor, Circa, Flipkart, LinkedIn Job Search, ZipRecruiter, Indeed Hiring Platform, Hired, NoBroker, and Maihaoche are among Quikr's main rivals.