Online and mobile classifieds site Quikr has raised USD 60 million led by U.S. investor Tiger Global Management with participation from the existing investors Warburg Pincus, Omidyar Network, eBay Inc , Kinnevik, Matrix Partners India, Nokia Growth Partners and Norwest Venture Partners. The latest round valued the firm at around USD 240 million.
As per a Business Today report, the new funding is expected to be used to boost product development and expand its mobile business.
Earlier this year, it had raised USD 90 million in funding from a group of investors led by Swedish investment firm Investment Kinnevik. Till date, including this round, the firm had raised a total capital of USD 196 million from 9 investors.
Quikr is an online and mobile classifieds platform which allows individuals and businesses to sell, buy and rent products/services across various categories like electronics, cars, bikes, real estate, entertainment, jobs and much more.
In India, the company competes majorly with Sulekha and Olx.in – in addition to other platforms like Rediff Local Ads and HT Classifieds.
Quikr was launched in July 2008 by Chulet and Jiby Thomas, it was originally started as Kijiji India, later it is rebranded as Quikr. It 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.