Quikr to acquire Zefo

Online classifieds marketplace, Quikr is reportedly in talks to acquire Gurugram based used goods marketplace Zefo, for approximately $28.5 Million in an all-stock deal. Following the acquisition, Sequoia-backed Zefo will reportedly continue to operate as a separate entity.

Zefo was founded in 2015 manages its end-to-end operations, including product refurbishment and repairs of its sold products, in order to ensure a higher degree of standardization. In 2017, Zefo had raised $9.2 Mn (INR 60 Cr) in Series B funding. The round was led by prolific investors such as Sequoia India, Helion Venture Partners and Singapore-headquartered VC fund Beenext.

Founded in 2008, Bengaluru-based Quikr has followed an acquisition strategy to strengthen its various businesses and has acquired 14 startups till date including HDFC Developers, Commonfloor, Babajob, Hiree, Zimmber, and ZapLuk.

Quikr, which competes with OLX, Quikr and eBay, already hosts refurbished products advertisements on its platform but it does not offer repairs or delivery of the refurbished goods. The platform simply connects the buyer and seller, who then schedule the product pickup and payment among themselves.

Quikr acquires Hiree

Online classified company Quikr India Pvt. Ltd has acquired Bengaluru based online recruitment platform Hiree (Abhiman Technologies Pvt. Ltd) for an undisclosed amount in an attempt to bolster its job listings business, Quikr Jobs.

Following the acquisition, Hiree will merge with Quikr and the Hiree team will be adsorbed into Quikr. The combined entity will have more than 4 Million active jobseekers. Hiree was founded in May 2013 and connected potential jobseekers serving notice periods with prospective employers in an attempt to fast track the recruitment process by enlisting active jobseekers.

In May 2015, the company rebranded itself as Hiree and allowed listings by all categories of jobseekers in an attempt to increase its target audience. The company had raised INR 20 crore from IDG Ventures and a clutch of angel investors. However, the company had a bumpy ride as overall hiring, especially by startups, slowed down after startups scaled back to conserve cash and started focusing on streamlining their operations with the existing workforce following a slowdown in investments.

As a classified portal, Quikr has just one rival, OLX, which is backed by Naspers Ltd, a South African mass media company. Tiger Global Management backed Quikr which has so far raised about $346 Million from venture capital firms has been investing aggressively to build these verticals by both acquiring companies and making strategic investments. In May, Quikr acquired Gurgaon based home beauty services provider Salosa for an undisclosed amount to bolster its home services business.