Classified advertising platform Quikr to go public in 2021
Chulet said a decision on listing the stock in India or the US will take place in course of the due diligence process
September 06, 2019 / 08:37 AM IST
Indian classified advertising platform Quikr is planning to go public in 2021. Its founder and CEO Pranay Chulet told Business Standard that the company is preparing for its initial public offering (IPO).
He added that a decision on listing the stock in India or the US will take place in course of the due diligence process.
Moneycontrol couldn’t independently verify the report.
The Bengaluru-based company will join a few top Indian startups like PolicyBazaar, Delhivery and ReNew Power that are planning to float their shares publically.
The online startup, which was founded by Pranay Chulet and Jiby Thomas in 2008, is now valued around $1.1 billion, the report said. Quikr has listings in over 900 Indian cities in categories like mobile phones, household goods, cars, real estate, jobs etc. However, around 40 percent of its revenue is reported to come from real estate. Some of the company's competitors include MagicBricks and OLX.
"Real estate, jobs and automobiles are sectors where transactions are increasingly moving online. We want financial investors to see us as a platform that touches all these verticals," Chulet told the daily.
As the startup ecosystem matures over the years, several tech startups are focusing on public offers where investors value businesses through traditional metrics like cash flow. Therefore, the attention of these startups is also on profitability and cash flows.
Quickr has also consolidated its past acquisitions to gain profitability. In FY18, operating revenue of the company was Rs 173.5 crore, which was 321 percent higher than that in FY16. Losses were also 58 percent lower over the same period.