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Quikr raises $60 mn funding for expansion

MUMBAI: Online classified firm Quikr has raised $60 million in a fresh round of funding for business expansion by boosting product development and expanding its mobile business.

The funding was led by US investor Tiger Global Management along with other existing investors in the company, which included Kinnevik, Matrix Partners India, Nokia Growth Partners, Norwest Venture Partners, Omidyar Network, Warburg Pincus and eBay. Avendus Capital acted as the financial advisor on the deal.

In a statement, Quikr founder and CEO Pranay Chulet said, “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. This funding round is a powerful validation of our local knowledge and connections, skilled execution and quality management team. We are excited to welcome Tiger Global to Quikr as we continue to further grow our platform.”

Tiger Global Management partner Lee Fixel added, “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.”

Quikr is a large-scale cross-category online classifieds business with over 30 million monthly consumer and small businesses users in 940 cities. The company has so far received funding of around $200 million since its inception in 2008.

Consumers come on Quikr to sell, buy, rent or find products and services in a variety of categories like electronics and household goods, real estate, cars, bikes, employment and other services.