Quikr closes Rs. 200 mn Series B funding

Written by Businesswire India | Mumbai | Updated: Jul 30 2009, 22:57pm hrs
Quikr India, a leading horizontal classifieds player in India announced the completion of a Rs. 200 million second round of funding in Quikr Mauritius (a holding company of Quikr India) led by new investor Omidyar Network and returning investor Matrix Partners India. Quikr India also announced it has added Pranay Chulet, a seasoned online leader and entrepreneur, as Chief Executive Officer.

Quikr (www.quikr.com) offers a classifieds website that addresses the needs of local communities in eighteen cities across India. More than 1.5 Million people use Quikr to buy and sell a wide range of goods and services, find everything from jobs to homes to a life partner, and connect with others who share their interests. Quikr truly enables people to come together, meet and help each other with day-to-day needs.

We are impressed by Quikrs tremendous growth, said Matt Halprin, partner, Omidyar Network. As it expands to new users, Quikr is enabling more people in India to engage online, connect with one another and exchange affordable goods and services, creating positive social impact while delivering excellent financial returns.

Pranay Chulet, a graduate of IIT Delhi and IIM Calcutta, joins Quikr as its CEO. Previously, Chulet spent more than a decade in New York, working most recently as an entrepreneur in the new media space following time as a Principal in Booz Allen Hamiltons media practice.

I am excited to join Quikrs talented team, said Chulet. Today Quikr serves a group of passionate users and employs a scalable business model, and I look forward to building on that foundation to expand Quikrs reach to greater numbers of people in India.

Avnish Bajaj, cofounder and Managing Director of Matrix India, serves on Quikr Mauritius Board of Directors. As one of Indias internet pioneers who co-founded Baazee.com, Bajaj noted, We are excited about this event and look forward to Quikr capitalizing on the vast potential of classifieds in India, under Pranays leadership.