Online and mobile classifieds platform Quikr raised $90 million (Rs 550 crore) from a organisation of investors led by Swedish investment firm Kinnevik in a understanding that outlines a largest turn of appropriation for an internet services association in India.
Online and mobile classifieds platform Quikr raised $90 million (Rs 550 crore) from a organisation of investors led by Swedish investment firm Kinnevik in a understanding that outlines a largest turn of appropriation for an internet services association in India.
The investment was widespread opposite dual rounds, with existent financier Warburg Pincus providing an initial investment in September final year, according to a chairman with approach believe of a transaction.
The latest deal, sealed final week, values Quikr during over $250 million (Rs 1,530 crore). The company’s other investors, including eBay, Omidyar Network, Matrix Partners India, Nokia Growth Partners and Norwest Venture Partners, also participated in a funding.
This is first direct investment in the country by Kinnevik, a family-run listed investment company with a market value of $10.6 billion.
Quikr, which is India's largest online classifieds website, has raised nearly $150 million (Rs 900 crore) in seven rounds, making it one of the best-funded consumer internet companies in the country. Proceeds from the latest round are expected to fund its expansion.
Pranay Chulet, an alumnus of IIT-Delhi and IIM-Calcutta, co-founded the company with Jiby Thomas, who left in 2012 to start a digital marketing venture Webbutterjam. Formerly a subsidiary of eBay, Quikr, which was earlier named Kijiji India, was spun off into a separate entity in 2008 by Chulet and Thomas who quit eBay to set up their own venture.
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