Quikr’s fate hangs in the balance, with its latest set of results offering little in the way of optimism: The India-based general marketplace company posted INR491 million ($5.9 million U.S.) in revenue during the 12 months to March 2022 (FY21-22).

According to Registrar of Companies filings accessed by Entrackr, Quikr’s FY21-22 revenue fell by 19.1% year on year (y-o-y). The Bengaluru-headquartered company’s revenue was INR607 million in FY20-21.

Revenue from referral fees and advertising — Quikr’s primary sources of income — declined by 9.9% and 16.6% y-o-y, respectively, in FY21-22.

However, the company reduced its expenses by 32.2% y-o-y to INR840 million, with employee expenses falling by 17.1% y-o-y to around INR500 million.

Quikr’s net loss for FY21-22 was INR210 million, down 62% y-o-y from INR554 million in FY20-21.

Quikr, which was founded in 2008 by Pranay Chulet, has raised a total of INR32.0 billion to date but had a cash balance of just INR80 million at the end of FY21-22.

Sweden-based investment company Kinnevik, which has been Quikr’s largest shareholder since 2015, has downgraded the latter’s valuation several times over recent years.

Quikr rival OLX India was recently acquired by CarTrade Group.

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