Senior Correspondent, IndianRetailer.com & Retailer Magazine Sep 18, 2014 / 2 MIN READ
Online classifieds firm Quikr today said it has raised USD 60 million funding for business expansion, says a PTI report.
Tiger Global Management along with all existing investors in the company participated in the funding, Quikr said. The current investors are Kinnevik, Matrix Partners India, Nokia Growth Partners, Norwest Venture Partners, Omidyar Network, Warburg Pincus and eBay Inc.
"The explosive growth in mobile Internet is fundamentally reshaping the Indian classified Internet market, and we are well-positioned to be at the forefront of growth," Quikr founder and CEO Pranay Chulet said in a statement.
Besides, Quikr is a large-scale cross-category online classifieds business with more than 30 million monthly consumer and small businesses users in 940 cities, according toPTI.
"Quikr has grown rapidly to become one of India's major classifieds players with a deep understanding of the local market. By leveraging the company's strengths as a local player, Quikr has seized a tremendous opportunity in a rapidly growing market," Tiger Global Management Partner Lee Fixel said.
Company expands its reach to over 950 cities across the country these funds will come in handy to widen Lendingkart Finance's offerings to SMEs country-wide
The Furniture Exchange program helps consumers to sell old furniture to Quikr in exchange for Pepperfry gift cards
The turnover signals a 55% increase from the turnover of Rs 41.2 crore that the company clocked in FY16 as per documents filed with the registrar of companies and sourced from business information platform Tofler.
Prior to the latest recommendations, internet based companies offering housekeeping salon and other such services needed to pay GST at 18% if their turnover was Rs 20 lakh or more in a year.
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