Print   Close

Quikr acquires Zefo to strengthen play in pre-owned goods sales business

PTI     April 25, 2019

Quikr on Thursday said it has acquired Zefo for an undisclosed amount, a move that will help the online classifieds major further scale its pre-owned goods business.

"This first acquisition in Quikr's pre-owned goods category is in line with its overall strategy of going deeper in key verticals. The addition of Zefo makes Quikr the dominant leader in the market for quality-tested, refurbished products in India," Quikr said in a statement.

It added that estimates suggest the quality-tested, pre-owned products market in India is forecast to reach USD 12-15 billion in the year 2020.

Zefo is an online marketplace specialising in selling refurbished TVs, mobile phones and furniture.

Quikr had launched its Quikr assured products and services -- catering to categories such as furniture, electronics, and appliances -- in the second half of last year. It has also launched franchised stores in Karnataka and Telangana to offer a touch-and-feel experience to consumers, especially in tier II-III cities.

"The acquisition of Zefo is in line with the phenomenal consumer acceptance of the Assured products and services on our platform. Generally, a pre-owned product's price can be as low as 30-60 per cent of a new one," Pranay Chulet, founder and CEO of Quikr, said.

He added that with Quikr and Zefo as a combined entity, the company will be able to offer a broader selection of products at more competitive prices along with a strong focus on quality.

ALSO READ: Tata Steel profit halves to Rs 9,098 crore in FY19, revenue surges 27% on higher volumes, capacity ramp-up

ALSO READ: Microsoft market cap hits $1 trillion for first time, pulls above Apple


URL for this article :
https://www.businesstoday.in/current/corporate/quikr-acquires-zefo-to-strengthen-play-in-pre-owned-goods-sales-business/story/340591.html
 
@ Copyright 2019 India Today Group.