In line with its overall strategy of going deeper into its five key verticals, unicorn classifieds start-up Quikr announced that it has acquired Zefo to scale up its pre-owned goods business Quikr Assured. Though financial details were not disclosed, sources privy to the transaction told BusinessLine that Zefo was acquired for $30 million in a cash and stock deal.
This is Quikr’s 15th acquisition since its inception in 2008 and its first in the pre-owned goods vertical QuikrBazaar, where users can buy and sell used goods. The start-up has invested around $250 million in acquiring these 15 companies. Of these, seven companies were acquired to grow its QuikrHomes/Real Estate vertical, three in beauty services plus a fourth to grow its QuikrEasy vertical, two for its QuikrJobs vertical, one for its QuikrCars vertical and now Zefo for its QuikrBazaar vertical.
Launched last year, Quikr Assured refurbished products are available under QuikrBazaar vertical in categories such as furniture, electronics, and appliances. All products in the Assured come with a full warranty and replacement guarantee. They are categorised according to their status into unboxed, refurbished, excellent, good, etc.
“The acquisition of Zefo is in line with the phenomenal consumer acceptance of the Assured products and services on our platform. Generally, a pre-owned product’s price can be as low as 30-60 per cent of a new one. Now, with Quikr and Zefo as a combined entity, we will be able to offer a broader selection of refurbished products at even more competitive prices along with a strong focus on quality” said Pranay Chulet, founder CEO, Quikr.
There are no plans to merge the Zefo brand with QuikrBazaar at present, however Zefo products will also be listed on QuikrBazaar. Zefo is an online marketplace specialising in selling refurbished furniture, TVs, appliances and mobile phones. In three-and-a-half years, the company has expanded to four cities and provides over 10,000 unique products.