Quikr narrows FY17 loss to Rs 301 crore

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New Delhi | Updated: May 22, 2018 6:14:46 PM

The Tiger Global- and Swedish investor AB Kinnevik-backed online classifieds company Quikr narrowed its losses to Rs 301.2 crore in FY17 against Rs 554.1 crore in FY16, filings with registrar of companies and data platform Tofler showed.

quikr, quikr loss, quikr profit, quikr sales, pranay chuletPranay Chulet, Quikr CEO.

The Tiger Global- and Swedish investor AB Kinnevik-backed online classifieds company Quikr narrowed its losses to Rs 301.2 crore in FY17 against Rs 554.1 crore in FY16, filings with registrar of companies and data platform Tofler showed. Revenue from operations rose 54% to Rs 63.7 crore in FY17. The company’s employee benefit cost grew 16.4% to Rs 210 crore. Total expenses reduced 38% to Rs 403.1 crore. These are standalone financials of Quikr India and does not include the earnings of its subsidiaries.

“On the revenue side, in all our verticals, we have focused on business models that have high margin revenue. Hence as our verticals have scaled, the increase in margins have reduced our burn in the last three years. On the cost side, we have strongly benefited from the fact that our cost of acquisition is much lower than others because of the cross-selling opportunities between our different verticals,” a Qukir spokesperson said.

The fair value of Kinnevik’s 18% shareholding in Quikr amounted to SeK 1,358 million as on 31 December 2017, based on a total value of Quikr’s fully diluted equity of $935 million. The valuation of Quikr was based on a discounted cash flow analysis, Kinnevik stated in its FY17 annual report. A number of all-stock transactions have been concluded at an approximate 66% premium to the $ 935 million valuation, but due to the lack of a significant cash element in each of these transactions they are not considered as sufficiently robust to be used as basis for the assessment of the fair value of Kinnevik’s shareholding.

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