Classifieds site Quikr has raised $150 million from existing investors Tiger Global and AB Kinnevik and new investor Steadview Capital, reports ET Tech. The company said that it plans to use the capital raised to further invest in its mobile business and strengthen its leadership in categories like goods, cars, real estate, jobs and services.
This round of funding comes just a few months after Quikr raised $60 million investment led by Tiger Global, with participation from other investors including Kinnevik, Matrix Partners India, Nokia Growth Partners, Norwest Venture Partners, Omidyar Network, Warburg Pincus and eBay Inc, in September last year. The company had said then it would use this investment for product development and further expansion of its mobile business.
The company had also raised $90 million in a round led by Kinnevik in March last year. Overall this brings the total amount the company has raised till date, to around $450 million. 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, which claims to have more than 30 million monthly unique users and is present in 940 cities in India, has been expanding its services in the recent weeks.
Real estate venture: Earlier this week Quikr said it would launch a real estate-focused website called quikrhomes.com within the next 4-6 weeks. The new website is expected to feature listings for plots and commercial spaces, alongside listings for houses and apartments for sale and available on rent. While this seems like the next logical step for Quikr, the Mumbai-based company will be entering a highly competitive sector and will compete with players like Housing.com, 99Acres, MagicBricks.com and CommonFloor among others.
Other than this, Quikr tied-up with automobile sales and service company Carnation Auto to introduce free vehicle inspection services to users on its platform in February. Users would be able to request for a thorough inspection of the vehicle’s condition, including state of the engine, overall performance of the car, and other operations among others.
In January, Quikr had launched a new instant messaging feature called Quikr Nxt that enables real-time conversations between buyers and sellers. The feature is available on Quikr’s mobile site, desktop site as well as on its mobile app. This was a significant move for Quikr, as it has enabled sellers to avoid all unsolicited calls and chat with prospective buyers before closing the deal.
Image Source: Quikr