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An online e-commerce marketplace or an online marketplace is a sort of e-commerce website where different external parties supply products or services. The most common sort of omnichannel e-commerce is online markets, which may help to optimize the manufacturing process.
In online markets, consumer purchases are handled by the marketplace operator and then supplied and executed by partnering shops or wholesalers in the online marketplace. These websites let customers register and sell anything from a single item to a large number of goods for a "post-selling" charge. Because marketplaces consolidate items from a variety of vendors, the availability and selection are frequently greater than in vendor-specific online retail storefronts.
Quikr is an example of an online marketplace. Pranay Chulet and Jiby Thomas launched it in 2008 as a commercial advertising firm based in Bangalore, India. Quikr includes listings for household products, jobs, mobile phones, real estate, automobiles, and educational services in over 1000 Indian cities. Quikr is a free advertising and online marketplace in India that allows individuals to sell, buy, rent, and find anything and everything across the country.
Quikr - Company Highlights
- Startup Name-Quikr
- Earlier Name-Kijiji
- Headquarters-Bengaluru, Karnataka, India
- Industry-Marketplace, Advertising, Internet, Rental property, E-commerce
- Founders-Pranay Chulet, and Jiby Thomas
- Founded-2008
- Areas Served-Worldwide
- Current CEO-Pranay Chulet
- Website-www.quikr.com
About Quikr and How it Works?
Quikr is a free classified ad company and online marketplace in India that allows users to sell, buy, rent, and find anything. People in the community can use their website to find a flat, sell their old music systems, automobiles, mobiles, laptops, or furniture, get an audience for a local event, advertise their small business, find a tuition class, join a salsa class, get a break as a model or actor, buy anything they want or have to offer, and make new friends while doing so.
The company's goal is to keep incorporating turn-taking and noteworthy features to your Quikr experience, whether it's QuikrNXT, which allows you to buy and sell without jeopardising your privacy, or the missed call service, which allows Quikr to reach out to people who aren't currently online but will be short.
Quikr - Industry
In the year 2021, India's internet penetration rate surpassed 830 million, accounting for more than 40% of the total population. Despite having the world's second-largest customer base, behind only China, e-commerce penetration is low in comparison to markets such as the United States and France, but it is growing, with around 6 million new participants each month. The general perception in the sector is that growth is nearing an important milestone.
After a rough year due to the pandemic's breakout, Indian industries have seen a v-shaped comeback in 2021. As a result, the Indian advertising sector saw a comeback in ad spending, resulting in a market value of Rs. 70,715 crore, up 18.6% from 2020. According to the latest study, the industry is predicted to reach Rs 93,119 crore by the end of 2023, rising at a rate of 14.75 per cent. Furthermore, the digital advertising sector grew by 35.3 per cent from Rs 15,782 crore in 2020 to Rs 21,353 crore in 2021, owing to the faster corporate and consumer transition digitally.
Quikr - Founders
Quikr was founded by Pranay Chulet and Jiby Thomas in 2008.
Pranay Chulet
Since January 2008, Pranay Chulet has served as the Founder and CEO of Quikr. Pranay was born and raised in India but relocated to New York after finishing his studies to work for Mitchell Madison Group, a strategy consulting business that advised clients in the media and banking industries. Pranay founded a company 2 years after arriving in the US, which he eventually merged with Walker Digital. Pranay received a Gold Medal from IIM Calcutta in 1996 while his post-graduation, and he did BTech from IIT Delhi before that.
Jiby Thomas
He is a skilled expert with more than two decades of experience in marketing communications and online marketing. Jiby was a member of the founding teams of Baazee and Baazee Motors, as well as Kijiji India and Quikr. He is assisting in the development, expansion, and scaling of these firms. He enjoys advising motivated and skilled entrepreneurs on topics such as Team Building, Processes, Products, and Strategy. He also went to IIM Calcutta for his post-graduate studies.
Quikr - Startup Story
Pranay's most notable achievement in the world of digital media was the creation of Craigslist Media Company in California, which quickly became a huge success in the U. S. That's when the concept of Quikr struck his mind. But Pranay did not wake up one day and decided to develop India's leading classified site "Craigslist."
People in India want to experience goods and examine them before buying them, and he envisioned a platform that would connect buyers and sellers and allow them to complete their deals offline. This physical component distinguishes his proposal from e-commerce sites like Amazon or Flipkart, but it also puts it in the classifieds category. As a result, in July 2008, Pranay established Quikr.com as Kijiji.in.
Quikr - Name, Logo, and Tagline
Quikr was formerly a division of eBay. Kijiji, their brand name, is a "Swahili" term that means "community." They discovered that the trademark was hard to pronounce after it had been launched. As a result, Pranay Chulet and the other co-founder, Jiby Thomas decided to form a new subsidiary and call it Quikr.
Similarly to his brand name, he provided a "quicker" manner for consumers to deal with than other market platforms.
Quikr's tag line, "Aasan hai badalna," matches today's modern Indian spirit and quickly connects with youth, aspirational Indians looking to improve their life.
Quikr - Vision, and Mission
The mission statement of Quikr says, "Quikr aims to empower every person in the country to independently connect with buyers and sellers online."
Quikr's basic values are as follows
- Flexibility
- Speed
- Innovation
- Transparency
- Frugality
Quikr - Business Model, and Revenue Model
Quikr's high point was that company has a clear revenue model in order. Advertising, premium listings and, lead generation would be the three revenue streams for the organisation.
Apart from many other things, one of the unusual techniques was that each city had its own Quikr. Punjab, for example, may have ploughs mounted to Royal Enfield motorcycles. Jeeps were quite popular in Udaipur, thus they had open jeeps for sale, while Kolkata may have women entrepreneurs selling homemade panipuri, among other things.
Essentially, the target demographic was properly segmented through the site, and Pranay, as a marketing professional, was well aware that brand promotion is the most important aspect of advertising. He spent the majority of their money on advertising. As a result, he developed a really creative approach to P2P (person to person) sales.
Quikr - Brand Ambassadors
Ranveer Singh and Suriya had been appointed as brand ambassadors for this online cross-category classifieds website. This strategy was in keeping with Quikr's then new "Aasaan hai badalna" marketing viewpoint. Singh was featured in Quikr's then-forthcoming commercial campaign. Suriya was shown in advertisements for the country's southern market.
Quikr - Growth
The firm not only grew at a breakneck pace relatively soon, but it also became a generic brand for classified ads. Some of the most significant developments occurred as well. In 2012, the firm had a monthly user base of more than 22 million people in 65 cities. In 2014, the firm increased its customer base and generated revenue of roughly Rs. 200 crores. A lack of room had also prompted the creation of a novel idea.
Quikr also launched a first-of-its-kind service called 'missed called the centre.' Quikr, which employs 1200-1300 employees, reported 15 lakh (approximately 1.5 million) transactions each month in 2015, valued at over $5 billion. eBay, Tiger Global Management, Nokia Growth Partners, Steadview Capital, Investment AB Kinnevik, Warburg Pincus, Matrix Partners India, Omidyar Network, and Norwest Venture Partners – NVP, are among the investors who have contributed $346 million to Quikr. In FY17, Quikr made a profit of $10 million (INR 63.8 crore).
Quikr's performance in FY21 has been constant, with losses reduced by around 90% and a 45 per cent drop in revenue. Advertising, referrals, commissions, and RTO & consultancy are the four income streams for the 14-year-old organisation. According to regulatory records, these revenues fell 45 percent to Rs 60.75 crore in FY21 from Rs 110.41 crore the previous fiscal year.
The main sources of revenue were advertising and referral fees, which accounted for 42.88 per cent and 44.82 per cent, respectively. From Rs 43.64 crore in FY20 to Rs 26.05 crore in FY21, advertising revenue fell 40.31 percent to Rs 26.05 crore. In FY21, revenue from referral fees fell 33.62 per cent to Rs 27.23 crore.
At homes diva, Car & Bikes, Home services, Home rental solutions, and Quikr Jobs Flexi were among the business verticals that the holding company shut down in 2020. Losses from terminated activities totalled Rs 181.87 crore in FY20, according to the financial filings.
Quikr - Competitors
Snapdeal, Glassdoor, Circa, Flipkart, LinkedIn Job Search, ZipRecruiter, Indeed Hiring Platform, Hired, NoBroker, and Maihaoche are among Quikr's main rivals.
Quikr - Challenges Faced
Fierce Competition
Quikr began as a basic and original concept. A location where people may trade stuff with one another, but as you can see, the notion of categorised also crossed paths with a lot of players, coming from different directions. As a result, it was in direct or indirect competition with a number of enterprises, but Pranay was unconcerned about this.
He understands that a market with a lot of competitors is not the same as a market with a lot of noise. Anyone may create a website, but not everybody can start a classified advertising firm. Quikr, he claimed, was simple and clean, and it was more powerful than the others since it showed more listings and raw experiences to its customers. Similarly to his brand name, he provided a faster or "quicker" approach for consumers to deal with than other marketplaces.
Mounting Losses
Quikr's losses decreased by 90% to Rs 55.48 crore in FY21 from Rs 563.2 crore in FY20 due to cost management. Controlling losses also had an impact on the company's financial outflows, which fell to Rs 80 crore in FY21 from Rs 142.2 crore in FY20. Quikr has invested Rs 2.04 per unit to generate a rupee in operational income.
Quikr - FAQs
What does Quikr do?
Quikr is a free classified ad company and online marketplace in India that allows users to sell, buy, rent, and find anything.
Who founded Quikr?
Quikr was founded by Pranay Chulet and Jiby Thomas in 2008.
How does Quikr make money?
Advertising, premium listings and, lead generation are the three revenue streams for the organisation.
Which companies do Quikr compete with?
Snapdeal, Glassdoor, Circa, Flipkart, LinkedIn Job Search, ZipRecruiter, Indeed Hiring Platform, Hired, NoBroker, and Maihaoche are among Quikr's main rivals.
