It is an all-stock deal for Rs. 200 crore (around $28.5 million). Additionally, according to reports, after the acquisition, Zefo will continue to operate independently.
Quikr has its headquarters in Bangalore and has its listings in over 900 cities in India in categories – car, real estate, mobile phones, jobs, services, education, etc.
Zefo was founded in 2015 by Himesh Joshi, Karan Gupta Rohit Ramasubramanian and Arjit Gupta. It specializes in repair, quality check, and refurbishments for products such as furniture, televisions, mobile phones, etc. and has raised around $20 million so far.
This deal would be fruitful for Quickr as it has always lacked refurbishing. This deal would help it access Zefo’s operations of repair and refurbishing. Moreover, this will increase its scale in second-hands. Also, it will help them increase their customer base.