Online classified ads platform Quikr India has reported that the company’s total income for the fiscal year 2019 witnessed growth of 48 percent. It reported income of ₹201.5 crore with losses declining to ₹228.8 crore.
In the documents filed with the regulatory body, the company reported its net revenue from operations at ₹191 crore, representing a growth of 75 percent. At the end of the fiscal year, the company’s cash balance stands at ₹87 crore.
Quikr India, in a clarification email, stated that “as per the new requirement of Ind AS 115, we have to net off our incentives and other compensation to customers from the revenue and hence we have restated our numbers for FY17-18 and have reported FY18-19 numbers as per the new standard too.”
In the year 2008, Bangalore-based Quikr started operations as a pureplay classifieds model deriving revenues from an ad-based listings model. However, since the past few years, the company has moved to a full-stack transaction-led business.
Recently, the company laid off around 30 percent of its employees. As the company has a pan-India strength of 3,000 employees, it means around 900 employees were let go in the recent downsizing. The company has also confirmed that it has shut down the services offered by AtHomeDiva as it did not prove viable in terms of the return of investments.
Founded by Pranay Chulet, Quikr has also established its presence in various verticals like cars and bikes, jobs, Quikr Realty and Quikr homes. The company claims to have 20 million monthly unique visitors, and is present in approximately 1,200 cities in India.
