Leading Internet and mobile-based classifieds firm Quikr Mauritius Holding, a parent company of Quikr India has recently raised $150 million from its new and existing investors like Steadview Capital Management Tiger Global and Sweden's Kinnevik, respect
Leading Internet and mobile-based classifieds firm Quikr Mauritius Holding, a parent company of Quikr India has recently raised $150 million from its new and existing investors like Steadview Capital Management Tiger Global and Sweden's Kinnevik, respectively.
further,this venture competes with Naspers-backed OLX in the P2P classifieds business in India.
This fresh round of funding will be used to further invest in Quikr’s fast growing mobile business and in its key categories such as cars, real estate, jobs and services.
As per the company's statement, Kinnevik said it has brought in $40 million in this round.
Commenting on the mattter,Lorenzo Grabau, CEO of Kinnevik told VC Circle: "We are pleased with the progress that Pranay and his team have achieved over the last 12 months, in particular with the success achieved by the recently launched instant messaging platform. We look forward to supporting the growth of Quikr as the leader in horizontal classifieds in the world's third-largest internet market.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,”addded Lee Fixel, partner, Tiger Global.
However, the recent funding took place almost after the company raised $60 million in a fresh round of funding led by Tiger Global with participation from its existing investors, including Matrix Partners India, Nokia Growth Partners, Norwest Venture Partners, Omidyar Network, Warburg Pincus and eBay Inc, besides Kinnevik.
Kinnevik had put in $15 million in that round and has been retaining its stake in the classifieds venture. The Swedish investment firm had pegged the fair value of Quikr at around $340 million (Rs 2,050 crore) post-money after the September funding transaction.
It recently announced the launch of a new classifieds website for real estate called quikrhomes.com to allow B2C as well as C2C discovery of properties up for sale as well as those available for rent.
Besides,for investor Steadview Capital, this marks another large deal in India. Last year the Hong Kong-based alternative assets manager had backed marquee firms in the digital commerce space in India—e-com venture Flipkart and online cabs aggregator Ola.
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