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Classifieds Site OLX Raises $5 Million From Nexus India Capital

olxOnline classifieds site OLX has raised $5 million from Indian venture capital fund Nexus India Capital, reports TechCrunch; the company has classifieds sites for 85 countries. OLX does have an India site which allows publishing of free classifieds in both Hindi and English, and has partnered with HT Media to power its classifieds portal AskHT. A look at OLX.in reveals a staggering number of classified listings. In India, OLX competes with Quikr (formerly Kijiji India), Sulekha, HTClassifieds.com, Rediff LocalAds, Click.in among others. Are any of the free classifieds businesses making money in India?

In all, OLX has raied $28.5 million, from firms like Bessemer Venture PartnersGeneral Catalyst PartnersFounders Fund and DN Capital, among others.

It’s interesting to note that in December last year, OLX had appointed Amarjit Batra as Country Manager for the Indian business. Batra was with Bazee and eBay India for around five and a half years; there’s a connection there with Nexus India Capital – Suvir Sujan, founding partner of Nexus India Capital was among the co-founders of Bazee, and later the Country Manager for eBay India.

Also worth noting is the fact that another Baazee founder has also backed classifieds businesses: Avnish Bajaj of Matrix Partners invested in Quikr, which was created from the Indian arm of eBay’s classifieds business Kijiji.

Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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