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Quikr India’s new entity QuikrRealty is expecting USD$1.5M in sales

By Victoria Haviland 0 Comments NEWS, News

QuikrRealty, a new entity by online classifieds portal backed by Tiger Global, Quikr had expected USD$1.5 million worth of sales, but has yet to give the timeline for achieving it.

"As a single entity, we did about Rs 2,500 crores (approximately USD$384500) of sale in its value last year, and post the acquisition, the new entity QuikrRealty expects to do about Rs 10,000 crore in sales," Quikr Founder-CEO Pranay Chulet commented.

Last December, Quikr India bought offline brokerage business, HDFC Ltd subsidiaries, HDFC Realty and HDFC Developers for USD$54,900. HDFC has a presence across residential and commercial properties as well as valuation and consulting services.

Prior to this acquisition, Quikr had also purchased four other companies.

As for the company's goal for the next 3 years, Quirk CEO, Pranay Chulet said, "We do not share our targets externally, but our revenue across our entire set of businesses has been roughly doubling in last three years." This was in regards to the brokerage revenue of HDFC Realty that was tallied at USD$5,800 in the 2015-2016 fiscal year. Chulet says that, regardless, the company believes it will grow the business to a much larger size.

When asked about any future acquisition plans to expand the business, Chulet said "the company believes in acquiring good assets at a fair price," that this will strengthen leadership in its five verticals for a quicker scale up.

On future acquisition plan to scale up its business, Chulet said the company believes in acquiring good assets at a fair price to strengthen leadership in its five verticals and scale them faster.

"In essence, our strategy is to marry the capabilities of acquired companies with the large consumer demand that comes to Quikr as an overall platform. It has helped us scale these businesses much faster than they would have done as a standalone entity," he said.

Quikr India is considered the largest classifieds platform, running on multiple businesses across not only real estate, but also automotive, jobs, services, and goods industries with approximately 30 million monthly users.

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