Quikr, India’s cross category online classifieds business, announced today that it has raised $150 million (more than Rs. 900 crore) in a financing round.
It 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, 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.
Although Quikr claims it is the largest classifieds business in India with more than 30 million monthly consumers and small business users across 1000 cities, RMN Digital cannot authenticate these claims.
The company did not reveal its financial status and the amount of financial transactions happening on its site.
It’s believed that most such online commerce companies show some raw data about the traffic on their sites to raise funds while their business potential in terms of earning real money from consumers is negligibly low.
Good luck to investors!
Photo courtesy: Quikr