Quikr no longer a unicorn, Swedish investor pares valuation by 45%

Scandinavian firm refers to exaggerated revenue resulting from fraudulent transactions that rocked the company

Online classifieds marketplace Quikr is no longer a unicorn, or a start-up valued at more than $1 billion. In its year-end report, major shareholder Kinnevik, a Swedish investment firm, devalued Quikr by 45 per cent, referring to the exaggerated revenue resulting from fraudulent transactions that rocked the company. Quikr is now valued at about $577 million, a significant drop for the Bengaluru-based startup.

“Our assessed fair value of our Quikr investment is lowered by SEK 764 million, or 45 per cent, reflecting the impact of fraudulent transactions as well as a reduced footprint and amended revenue recognition principles,” said Kinnevik