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Quikr raises $90M from Kinnevik & others


quickrClassifieds website Quikr has raised $90 million in a round led by Swedish investment firm Kinnevik, which the company is expected to use to fund its expansion, reports Economic Times. Existing investor Warburg Pincus made the initial investment in the round in September last year, and the latest deal was signed last week, giving Quikr a valuation of over $250 million.

Kinnevik has invested in Rocket Internet in the past and has a 24% stake in the company. In the e-commerce space, Rocket Internet has properties such as Jabong.com and FabFurnish in India.

Quikr is a horizontal classifieds platform which allows individuals and small businesses sell, buy, rent or find products and services across various categories like electronics, cars, bikes, real estate, services, jobs, education and entertainment. The company claims to have 32 million monthly unique users and caters to almost 1,000 cities in the country. According to the ET report, it has an estimated revenue run-rate of $50 million from premium listings, leads generation and advertising. It recently tied-up with product comparison site Junglee.com to display second hand products from Quikr on the Amazon-owned website.

Quikr had raised $32 million in a round led by eBay in 2012, with Warburg Pincus and other existing investors such as Matrix Partners India and Norwest Venture Partners. In May 2011, it had raised $8 million from Nokia Growth Partners (NGP), and returning investors, Norwest Venture Partners and eBay Inc. It had also raised $6 million from Norwest Venture Partners (NVP), and returning investors, Omidyar Network, Matrix Partners India and eBay Inc, in March 2010. Overall, the company had raised around $150 million in various funding rounds in the past. It was initially funded by Matrix Partners India.

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Quikr competes against eBay India, Naspers backed OLX, and Sulekha. It also competes with vertical specific sites like Gaadi.com or 91mobiles. In the consumer electronics space, e-commerce companies such as Flipkart and Snapdeal have tied-up with companies such as ReGlobe to buy back products and offer in-house credit for buying newer products. However, ReGLobe cover only a limited set of devices and the prices offered is not that great most of the time, but it is much more convenient for shoppers compared to selling it on a classifieds website.