Tiger Global has led a $60 million investment round in India’s Quikr, an online classifieds business. Kinnevik, Matrix Partners India, Nokia Growth Partners, Norwest Venture Partners, Omidyar Network, Warburg Pincus and eBay Inc also participated in the round.
The new funding will be used by the company to invest in product development as well as further expansion of its fast growing mobile business.“The explosive growth in mobile Internet is fundamentally reshaping the Indian classified Internet market, and we are well positioned to be at the forefront of this growth,” said Pranay Chulet, Founder and CEO of Quikr.
“This funding round is a powerful validation of our local knowledge and connections, skilled execution and quality management team. We are excited to welcome Tiger Global to Quikr as we continue to further grow our platform”.Quikr is a large-scale cross-category online classifieds business with more than 30 million monthly consumer and small businesses users in 940 cities. These consumers come to Quikr to sell, buy, rent or find products and services in a variety of categories such as electronics and household goods, real estate, cars, bikes and employment and other services.“Quikr has grown rapidly to become one of India’s major classifieds players with a deep understanding of the local market,” said Lee Fixel, Partner at Tiger Global Management. “By leveraging the company’s strengths as a local player, Quikr has seized a tremendous opportunity in a rapidly growing market. We look forward to supporting the Quikr team.”