To further expand its resale business, Quikr announced Thursday that it has acquired Zefo, an online platform that sells refurbished TVS, mobile phones and furniture. Quikr did not disclose the cost of the transaction, but said it was a 100% equity purchase and the two companies would continue to operate independently.
Quikr is the leading online classifieds website in India. Founded in 2008, Quikr has over 13 categories and 170 subcategories, with mobile phones, electronics, cars, real estate and bicycles being the most popular. Currently, the website has over 30 million unique visitors per month.
QUIKR provides services to users in about 1200 cities in India, with five vertical modules–Quikrbazaar, QuikrJobs, QuikrHomes, Quikr Cars & Bikes and QuikrEasy.
Pranay Chulet, founder and chief executive of Quikr, said consumer acceptance of quality-assured products and services on its platform was increasing and the acquisition Zefo was the right time. “Generally speaking, the price of second-hand products is 30% 60% lower than that of new products,” he said. Now, with the alliance between Quikr and Zefo, we will be able to offer a wider range of products at more competitive prices, and we also pay great attention to product quality. ”
The acquisition of ZEFO is an important step in the company’s enhanced warranty product business under its Bazaar module. Sarath Chandra Gudlavalleti, vice president of QuikrBazaar, said Zefo was very focused on quality assurance services.