Quikr was founded and quickly grew to become India’s largest platform for buying and selling used goods—a one-stop shop for all of your needs.
Simply submit your needs on Quikr, and you will be presented with a vast selection of options from which to choose, including Electronics & Technology, Home and Lifestyle, Real Estate, Cars and Bikes, Jobs, Services, Entertainment, Pet Care, Events, Matrimony, and so on. Quikr is the only player in India with more than 10 million monthly visits.
The basis of starting out Quikr
Basically, the concept for this firm evolved from a field that was completely irrelevant. Pranay was fortuitous enough to see the rise of Digital Media from its infancy in the United States, and this at all levels, whether as an advisor to large media companies or as an entrepreneur. The founding of Craigslist, a California-based media company, which quickly became a roaring success in the United States, was the biggest achievement in the field of digital media. That’s when the concept of Quikr was born.
Quikr’s mission is to make it as simple and quick as possible for our community of buyers and sellers to meet their needs. Quikr has already established itself in over 1000 places, and its unwavering efforts to spread their pretty comfortable hug over others continue. Now, having a value of $1 billion, Quikr’s CEO Pranay comments, “By God’s grace we have enough money in the kitty now. We are very focused on building our verticals.”
Quikr’s Business Strategy
Quikr makes money in a variety of ways, including: The first is AdSense (pay-per-click money generated by advertising featured on their page). The second source of leads comes from small enterprises. The site categorises potential sellers and connects them with an audience interested in that subject, serving a dual purpose: first, gaining them visibility for purchasing or selling a product, and second, promoting their brand to a large audience. The third way, known as “Highlighted Listings,” involves promoting a post, which is a typical classified method of collecting cash.
For agencies and small enterprises, the premium bundles in this category are the most popular. Apart from that, Quikr has adopted both the B2B (Business to Business) and C2C (Customer to Customer) business models, therefore improving their adaptability and consumer appeal. Quikr has expanded its revenue three to four times in the previous few months as a consequence of efficiently integrating all of these modules into one framework, and their profit margins are growing between 50 and 70%.
Quikr’s Marketing Strategy
MSP (Maximum Selling Point) or its missed call service, for example, provide a convenient platform for its customers, encouraging client retention. Additionally, with the debut of Nxt, the instant messaging service provides buyers and sellers with increased convenience and privacy. Quikr has achieved a high level of visibility as a consequence of its well-executed ads in TV commercials, print, and internet media.
For its furniture exchange scheme, Pepperfry has partnered with Quikr.
Customers can sell their old furniture on Quikr’s consumer platform Quikr Bazaar in exchange for gift cards that can be used on Pepperfry as part of this agreement. Customers will be compensated fairly for their old furniture, which includes mattresses, couches, dining sets, tables, storage, and office chairs. Customers can use the service by selecting the option to sell on Quikr when using the website’s furniture exchange programme. After the sale, the Quikr staff will analyse the furniture, provide a reasonable market price, and execute the pick-up service.
“We are always looking at a deeper engagement with our customers and furniture exchange is one of the key services that will drive this. We are looking forward to a 5-10% volume increase in our user base through this program over the next couple of months,” said Hussaine Kesury, Vice President & Business Head – Furniture Category, Pepperfry.
Quikr got $90 million from Swedish investment firm Investment Kinnevik in two stages in 2014, making it the highest round of funding for an online services startup in India. Their subsequent deal with Warburg Pincus increased their projected worth to more than $250 million. Four months later, Tiger Global Management, a New York-based investment firm, joined current investors Matrix Partners India, Omidyar Network, Norwest Venture Partners, Nokia Growth Partners, Warburg Pincus, and eBay Inc. to raise a total of 840 crores from seven rounds of fundraising. A total of around $350-million was raised.Quikr is now the most well-funded online company, with a market capitalization of $1 billion.