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Quikr secures $60M from Tiger Global & existing investors

quikr

Classifieds site Quikr has raised $60 million investment led by a new investor Tiger Global with participation from the existing investors Kinnevik, Matrix Partners India, Nokia Growth Partners, Norwest Venture Partners, Omidyar Network, Warburg Pincus and eBay Inc.

The company plans to use this investment raised for product development and further expansion of its mobile business.

It’s worth noting that this investment comes on heels of Quikr’s $90 million investment round led by Kinnevik in March this year. The company had raised total funding of $300 million across multiple funding rounds until now. This includes a $32 million round from eBay Inc, Warburg Pincus and others in May 2012, $8 million from Nokia Growth Partners, Norwest Venture Partners and eBay Inc in May 2011 and $6 million from Norwest Venture Partners (NVP), Omidyar Network, Matrix Partners India and eBay Inc in March 2010. It was initially funded by Matrix Partners India.

Quikr is a horizontal classifieds platform that 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 more than 30 million monthly unique users and is present in 940 cities in India.

It recently extended its partnership with Amazon’s product comparison site Junglee to integrate product listings (new and old) from Quikr on Junglee’s individual product pages and category pages. The company had first partnered Junglee to display second hand products from its platform on Junglee.

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Quikr had also partnered Idea Cellular and Opera Software to launch sponsored web pass for Opera Mini users in India in July this year. Sponsored web passes allows telcos to partner with advertisers like Quikr who sponsor the cost of customers’ mobile internet access. Subscribers will have to watch a short advertisement at the start, following which they will receive free usage for the entire session.

Quikr competes against other classified sites like Naspers backed OLX, Sulekha and Click.in.

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