The online classified start-up Quikr has raised $150 million from a group of investors, including Steadview Capital, existing investors Tiger Global Management...
The online classified start-up Quikr has raised $150 million from a group of investors, including Steadview Capital, existing investors Tiger Global Management and Swedish investment firm Investment AB Kinnevik.
The company will use the fresh fund to grow its mobile presence and strengthen its position in areas such as goods, cars, real estate, services, etc. The classified portal had raised $60 million from Tiger Global and others last year, taking the total to $350 million since its inception.
“Quikr has built its market-leading position by steadily innovating new features, such as messaging, which are rooted in its deep understanding of India as a market and mobile as a medium,” said Lee Fixel, partner, Tiger Global.
The company competes with the Naspers-backed OLX in India and has its presence in 1,000 cities from where people post classifieds in categories such as mobile phones, household goods, cars, real estate, jobs, services and education. It claims 30 million users on its mobile and web platform monthly.
“We’ve undertaken this transaction to further consolidate our leadership in the Indian classifieds market. Our strategy of innovating for the local market has played out really well and we intend to continue to do that as we go forward,” said Pranay Chulet, founder and CEO, Quikr.