Quikr loses unicorn status as Swedish investor Kinnevik pares valuation

Bengaluru-based online classifieds firm Quikr may have lost its unicorn status (with a valuation upwards of $1 billion) after Swedish investment firm Kinnevik, a major investor in the company has pared the valuation of the firm by about 45% to about $570 million in its year-end report and its earnings statements.

Kinnevik blamed the drop in valuation on Quikr discovering frauds where certain dealers and vendors within the managed rentals and car segments have placed fictitious or misrepresented transactions on its platform. This, Kinnevik said would result in the value of revenue generated in these categories by Quikr to be overstated.