India: Quikr acquires refurbished goods marketplace Zefo

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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.

Also Read:

India Digest: Quikr close to acquiring Zefo; PayU eyes US-based Wibmo

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.