Quikr is an online platform offering second-hand products that announced an 11.8 percent decrease in operational revenue to Rs 45 crore in FY24. The startup provides multi-category products including clothes, furniture, used books, pre-owned cars, and more. The firm’s primary revenue source is the referral fee and advertisement services.
The firm also earns its income through commission and other services, which stood at Rs 3 crore in FY24. The referral and advertising fees accounted for 86 percent of total operating revenue. Referral fees brought Rs 22 crore to the total revenue, while advertisement services generated Rs 17 crore for this financial year. The gains on financial assets and Rs 11 crore from provision write-backs brought the total income to Rs 56 crore in FY24.
The online marketplace has secured over 380 million USD across multiple funding rounds since its inception. This includes $2.9 million raised during its venture debt funding round led by Trifecta Capital. Quikr provides an online marketplace for customers to connect, sell, rent, and buy goods. The company allows users to chat directly with sellers to negotiate, manage ads, and provide personalized alerts.
The Bengaluru-based company managed to control its losses by 11.5 percent to Rs 54 crore by cutting down on its non-cash expenses. The firm posted a 10 percent decrease in its employee benefits, which was the largest expenditure and stood at Rs 37 crore in FY24. The advertising cost was around Rs 3 crore, while the depreciation and amortization expenses decreased to Rs 15 lakh in the same duration.
Quikr receives investment from investors including Tiger Global Management, Matrix Partners India or Z47, Warburg Pincus, and others. The startup raised $100k during its angel funding round from investors including Ritesh Banglani, Alok Goyal, Anuj Srivastava, and others at its post-money valuation of 1.5 billion USD.
The overall expenses declined by 11.5 percent and crossed Rs 54 crore, while profit stood at Rs 2 crore in FY24. The startup reported current assets of Rs 20 crore in this financial year, including cash and bank balance of Rs 2 crore. This marks an 80 percent decrease compared to FY23. The EBITDA margin improved and stood at 5.36 percent while the ROCE was around 1.69 percent in this fiscal year. The company faces competition from other platforms in the same market segment, such as eBay and OLX.
