PRANAY CHULET
Founder & CEO, Quikr
Founder & CEO, Quikr
Online Classifieds for Everyone
Even as the Indian consumer shifts from shopping at brick and mortar stores to online retail, internet and mobile-based classified company Quikr aims to keep the country’s age-old consumer habits alive.
“Quikr is basically a handshake platform. You don’t have to transact through the site. In India, ecommerce companies have to take into account behavioral hurdles. The consumer here isn’t all that comfortable seeing a product online and then using his or her credit card to buy it,” says Pranaya Chulet, founder and chief executive of the firm. The company, which came into existence after ecommerce giant eBay spun off its classified business, has become one of the most funded consumer internet companies in the country, after it raised $32 million in its latest round of funding in May, led by global private equity fir m Warburg Pincus.
The capital raised will be used towards product development, marketing and hiring of talent. Quikr has now raised $50 million across its five rounds of funding, and is now focusing on acquisitions, as it looks to add to its categories.
“We have built a good war chest, and are in it for the long run. We are open to inorganic growth, if a proposed acquisition adds value,” Chulet points out.
Education, entertainment and social networking are the next big bets. According to the IIM Calcutta-educated Chulet, the classified platform sees 26 million users every month, of which 17 million are unique.
“At any given point, Quikr sees 4 to 5 million listings, which are actual transactions taking place,” Chulet says. The company is now focusing on conquering the mobile frontier. “Close to 25% of our traffic comes from mobile,” he adds. “We are not looking at exits. There is a growing business and there are huge opportunities here,” Chulet says.
Biswarup Gooptu ET
Even as the Indian consumer shifts from shopping at brick and mortar stores to online retail, internet and mobile-based classified company Quikr aims to keep the country’s age-old consumer habits alive.
“Quikr is basically a handshake platform. You don’t have to transact through the site. In India, ecommerce companies have to take into account behavioral hurdles. The consumer here isn’t all that comfortable seeing a product online and then using his or her credit card to buy it,” says Pranaya Chulet, founder and chief executive of the firm. The company, which came into existence after ecommerce giant eBay spun off its classified business, has become one of the most funded consumer internet companies in the country, after it raised $32 million in its latest round of funding in May, led by global private equity fir m Warburg Pincus.
The capital raised will be used towards product development, marketing and hiring of talent. Quikr has now raised $50 million across its five rounds of funding, and is now focusing on acquisitions, as it looks to add to its categories.
“We have built a good war chest, and are in it for the long run. We are open to inorganic growth, if a proposed acquisition adds value,” Chulet points out.
Education, entertainment and social networking are the next big bets. According to the IIM Calcutta-educated Chulet, the classified platform sees 26 million users every month, of which 17 million are unique.
“At any given point, Quikr sees 4 to 5 million listings, which are actual transactions taking place,” Chulet says. The company is now focusing on conquering the mobile frontier. “Close to 25% of our traffic comes from mobile,” he adds. “We are not looking at exits. There is a growing business and there are huge opportunities here,” Chulet says.
Biswarup Gooptu ET
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