This fresh round of funding will be used to further invest in Quikr\'s fast growing mobile business.
Quikr, a cross category classifieds business has announced that it has raised $150 million (more than Rs. 900 crores) in a financing round that included significant investment by its existing investors, including Tiger Global Management and Investment AB Kinnevik, as well as first time investor, Hong Kong based Steadview Capital.
This fresh round of funding will be used to further invest in Quikr’s fast growing mobile business and in key categories where the company already has leadership positions, including goods, cars, real estate, jobs and services.
“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 of Quikr. “The big things for us going forward are to continue to innovate for India, innovate for mobile and go deeper in key categories where we already are leaders.”
Quikr claimed that it is the largest classifieds business in India with more than 30 million monthly consumers and small business users across 1000 cities. The company is focused on delivering the best possible classifieds experience to the Indian consumer and has brought out a series of innovations to adapt the conventional classifieds model to the needs of the local consumers.
“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. We are excited to be a part of this growth story, which offers millions of Indians an easy way to transact with one another across a large number of categories”, said Lee Fixel, Partner, Tiger Global.
“We are delighted to support Quikr’s continued focus on user engagement and service differentiation. This funding round ensures the company is materially capitalised and lays the platform for the company to extend its leadership position through execution”, commented Chris Bischoff of Kinnevik. After this round of funding, Quikr is the largest classifieds investment around the world for Kinnevik, a seasoned global classifieds investor.
“What an amazing journey starting from the Matrix India office to one of the leading Indian mobile Internet companies! It has been a privilege to partner with Pranay and the outstanding Quikr team on this path. We welcome Steadview to the Quikr partnership and also thank existing investors including Tiger Global and Kinnevik for their continued support", said Avnish Bajaj, co-Founder and Managing Director, Matrix India.