Quikr Mauritius, the parent company for the free online classifieds business website Quikr has raised $32 million ( Rs 176 crore) from Warburg Pincus with participation from existing investors Matrix Partners India, Norwest Venture Partners and eBay Inc in its fifth and largest round of funding raised. The company intends to use the funds raised for product development, marketing initiatives and diversify its offerings across online and mobile platforms.
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 17 million monthly unique users across 83 cities and claims to be India’s largest horizontal classifieds platform.
As stated earlier, this is the fifth funding round for Quikr. It had last raised $8 million from Nokia Growth Partners (NGP) and returning investors, Norwest Venture Partners and eBay Inc. Before that, it had raised $6 million from Norwest Venture Partners (NVP), and returning investors, Omidyar Network, Matrix Partners India and eBay Inc, in March 2010. The company was initially funded by Matrix Partners India and has so far raised more than Rs 120.7 crore in various funding rounds, excluding the current one.