Quikr, the internet and mobile based classifieds company, today announced that its parent company has attracted an investment of US$32 million led by Warburg Pincus, a global private equity firm focused on growth investing. Existing investors Matrix Partners India, Norwest Venture Partners and eBay Inc. also participated in this round of fund raising, which is the fifth and the largest round of capital raised.
Commenting on the development, Pranay Chulet, Co-Founder and CEO, Quikr said that the fund will enable us to diversify our offerings across both online and mobile platforms, intensify our product development efforts and further strengthen our marketing capabilities. Warburg Pincus will look forward to work closely with the management team to build on the company’s success and accelerate its growth plans.
The next decade is poised to present growth opportunities in the internet sector in India, supported by a growing number of internet users, increasing income levels and a young population. Considering which Quikr has positioned itself to capture a large share of this opportunity that’s initiating mass market India into e-commerce through its horizontal classifieds format.
Quikr launched in July 2008 and is currently present in 83 cities across India across 165 categories. Quikr is a wholly-owned subsidiary of Quikr Mauritius Holding Private Limited, which is backed by Matrix Partners India, Omidyar Network, Norwest Venture Partners, Nokia Growth Partners, Warburg Pincus and invested in by eBay Inc.