Quikr, online classified player, has owned Zimmber with the vision to expand the buisness of hyperlocal household services.
Quickr is currently valued at $1.5 billion. Investors like Steadview Capital, Tiger Global, Kinnevik AB and others are a few who have collectively invested over $350 million and have been a pillar of support and success since it came to existence in 2008.
The 4th Acquition Of The Company
The company did not reveal the actual amount of the deal but it would cross the amount of $10 million out of which 10% is cash component. It is its 4th acquisition deal and before this it was also involved in acquisition of Salosa, Zapluk, and StayGlad. Well Zimmber is its first horizontal acquisition in this kind of category.
Vision Of Acquisition
This acquisition will strengthen its position of growth in household services as well as help it to grab the vision of organizing this part of category.
PD Sunder said, “Zimmber has a good presence in Mumbai, Delhi and Pune in terms of having built a supply network for handyman services. This is relevant for us to offer a deep experience to customers since it has a good amount of repeat usage and has a good entry point for consumers to come on board to Quikr through QuikrServices. This category perfectly complements our existing marketplace solution for one-off service needs such as interior design, packers and movers etc”.
Quickr Vs OLX
Quickr is competing with Olx is the classified section and has been in acquiring business for the last 2 years to strengthen it’s hold and revenues across key verticals. This Kinnevik AB and Tiger Global backed classified giant is currently focused on Homes, jobs and auto and consumer services.
Zimmber After The Deal
As per the deal, Zimmber will merge it’s over 1500 service providers with Quickr with Zimmber will be looking after the services on Quickr’s behaf. This acquisition will see Zimmber entering into new geographies. It has already put it’s step in Bangalore. Zimmber has acquired over $7 million funds from Omidyar Network, IDG Ventures India, Aaron Capital and She Palo Ventures.
Reason of Zimmber’s Sale
According to an interview, a senior executive associated with the firm pointed out that the inability of Zimmber to grow to a large scale was it’s main reason for sale to Quickr.
Change In Qucker’s Services After Aquistion
This acquisition has seen some changes in the service offerings of Quickr. It has clubbed all it’s beauty services to AtHomeDiva. Full stack services including marketplace model listings like mobile repair, on demand cab drivers, interior designing etc would be offered only through Zimmber now.
Shifting Od Members After Acquisition
This acquisition will see Amit Kumar and Siddhartha Srivastava joining Quickr who were earlier associated with Zimmber as COO and Chief Product Officer respectively. Anubhav Goel, CEO of Zimmber will be acting as the mentor in the finance vertical to help start-ups for the company.