Online classifieds platform Quikr India Pvt. Ltd has acquired Bangalore-headquartered refurbished goods marketplace Zefo, paving an exit route for the latter’s existing investors, including Sequoia Capital.
The deal will help Quikr expand its operations and strengthen its vertical for pre-owned products, according to an announcement.
Zefo, established in 2015, retails second-hand refurbished products, such as used TVs, cellphones and furniture. Over the past four years, it has built a portfolio of over 10,000 products in four cities such as Bengaluru, Mysore, Delhi NCR and Mumbai.
The deal size could not be ascertained.
“With Quikr and Zefo as a combined entity, we will be able to offer a broader selection of products at even more competitive prices along with as strong a focus on quality,” said Pranay Chulet, founder and CEO of Quikr.
“With this transaction, the capabilities we have built and the offerings we have honed can now be offered to Quikr’s large customer base,” said Zefo CEO Rohit Ramasubramanian.
Founded in 2008 and backed by a slew of risk capital investors such as Tiger Global Management, Warburg Pincus, Matrix Partners and Norwest Venture Partners, among others, Quikr has adopted the inorganic route rather significantly to ramp up its presence in India. In fact, the current acquisition, too, is in line with its strategy to go “deeper in key verticals”, the company said.
Quikr’s other acquisitions include India Property Online Pvt. Ltd, HDFC Developers and HDFC Realty and CommonFloor in the real estate sector, and Babajobs Services and Rejuvenate Solutions in the home services business segment.