Online Classifieds startup Quikr Indian Pvt Ltd, is likely to acquire home service startup Zimmber which run under the name of Rejuvenate Solutions Pvt. Ltd, for $10 million (Rs 64.2 crore) in an all-stock deal.
With this acquisition, Quikr will strengthen its position in the segment. This will be the fourth acquisition of Quikr in the home services vertical in the last 12 months. Quikr is currently valued at about $1.5 billion. Quick had raised about $346 million from Kinnevik AB, Tiger Global, Steadview Capital Management, Matrix Partners India and others till now.
According to VCCircle, In 2015-2016, Quikr had posted a net loss of Rs 534 crore, from Rs 446 crore in the year-ago period, while its revenue from operations climbed 66% to Rs 41.24 crore from Rs 24.79 crore in the period under consideration. The company’s total revenue rose 44% to Rs 94.5 crore in 2015-16 from Rs 52.5 crore in the previous fiscal year.
Zimmber is a Mumbai-Based startup, founded in April 2014 by Anubhab Goel, Gaurav Shrivastava, and Amit Kumar. The startup provides house held services like home painting, AC services, plumbing, carpentry, and home cleaning, among others.
According to an unnamed source, Zimmber was forced to consider a sell-out after its fundraising efforts failed. Out of the three co-founders of the company, Anubhab Goel, is likely to exit the company post-merger, while Gaurav Shrivastava and Amit Kumar will join Quikr, along with the rest of the team. However,
Zimmber is also likely to remain an individual brand.
The total equity funding of Zimmber is about $7.4 Million Which took place in 3 funding rounds. The investor includes Omidyar Network, Sherpalo Ventures, Aarin Capital and IDG Ventures India. The last funding by startup was Series A funding of $5 Million in July 2016.
Apart from this acquisition, Quikr has also acquired other startups like home rental startup-Grabhouse, Beauty startup -Stayglad, Vehicle service Startup- Stepni.in, ZapLuk, hiree, Salosa, CommonFloor, Realty Compass, Indian Realty Exchange(IRX). Read more about Indian Startup Ecosystem.
Want to be a guest author? Register Here to share your business knowledge with our readers.