Tiger Global-backed online classifieds portal Quikr today said their new entity QuikrRealty expected Rs 10,000 crore worth sale, but refused to give the timeline for achieving it.
Tiger Global-backed online classifieds portal Quikr today said their new entity QuikrRealty expected Rs 10,000 crore worth sale, but refused to give the timeline for achieving it. “As a single entity, we did about Rs 2,500 crores of sale in its value last year, and post the acquisition, the new entity QuikrRealty expects to do about Rs 10,000 crore in sales,” Quikr Founder-CEO Pranay Chulet told PTI. In December last, HDFC Ltd had sold its subsidiaries HDFC Realty and HDFC Developers to Quikr India for Rs 357 crore in an all stock deal. HDFC Realty is offline brokerage business with a presence across residential and commercial properties as well as consulting and valuation services. It has a 300 member in-house sales team and 7,000 strong nationwide broker network. Quikr had previously acquired four companies including Commonfloor.
In 2015-16 fiscal, HDFC Realty had already clocked a brokerage revenue of Rs 38 crore, but Quikr believes it can grow this business to a much larger size, Chulet said. Asked about the revenue target for Quikr for next 3-4 years, he said, “We do not share our targets externally, but our revenue across our entire set of businesses has been roughly doubling in last three years.” On future acquisition plan to scale up its business, Chulet said the company believes in acquiring good assets at a fair price to strengthen leadership in its five verticals and scale them faster.
“In essence, our strategy is to marry the capabilities of acquired companies with the large consumer demand that comes to Quikr as an overall platform.It has helped us scale these businesses much faster than they would have done as a standalone entity,” he said. With 30 million monthly users, Quikr is India’s largest classifieds platform that runs multiple vertical businesses across real estate, automobiles, jobs, services and goods.