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Quikr close to acquiring Zefo in all-stock deal

Sequoia Capital and Helion Venture Partners-backed Zefo will continue to operate independently after the acquisition, they said.

Updated: Mar 12, 2019, 09.59 AM IST
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Bengaluru-based Zefo, founded in 2015 by Arjit Gupta, Himesh Joshi, Karan Gupta and Rohit Ramasubramanian, is among the bigger players in the second-hand refurbished products market.
BENGALURU: Online classifieds platform Quikr has entered into a definitive agreement to acquire refurbished goods marketplace Zefo for Rs 200 crore (about $28.5 million) in an all-stock deal, four people aware of the development told ET.

Sequoia Capital and Helion Venture Partners-backed Zefo will continue to operate independently after the acquisition, they said.

Bengaluru-based Zefo, founded in 2015 by Arjit Gupta, Himesh Joshi, Karan Gupta and Rohit Ramasubramanian, is among the bigger players in the second-hand refurbished products market. The company specialises in quality check, repair and refurbishment for products across categories such as TVs, mobile phones and furniture, among others. It has raised close to $20 million from investors so far.

A spokesperson for Quikr declined to comment on the matter. Email queries sent to Zefo remained unanswered till the time of going to press on Monday.

“This aligns with Quikr's philosophy of moving to a transaction-based business model, and strengthens its position in the second-hand and refurbished goods space,” said one of the persons cited earlier.
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