Quikr Raises $150 million from First Time Investor Steadview Capital and Other Existing Investors

Bangalore: Online and mobile classifieds platform, Quikr raises  a fresh fund of $150 million (over Rs.900 crore) in a financing round from its first time investor Hong Kong based Steadview Capital along with its existing investors Tiger Global Management and Investment AB Kinnevik. The company plans to utilize the fresh round funding to spur its mobile businesses and in prime categories where the firm has a leadership position like jobs, real estate, cars and many others.

Founded in 2008 by Pranay Chulet and Jiby Thomas (who quit the firm) in Mumbai with an initial funding from Matrix Partners India, the largest mobile classified firm, Quikr has raised more than $196 million in five earlier rounds from nine investors. It claimed more than 30 million monthly users and small business users across 1000 cities by offering services in a various range of categories. The company operates in more than ten categories such as jobs, services, mobile phones, cars, education and many others.

To build its market leading position, the startup company is coming up with best possible classifieds and new features in an innovative manner, such as Quikr Nxt, an embedded messaging to the Indian customers. The messenger allows buyers and sellers to communicate without sharing contact numbers.

Last year September, the startup online platform raised $60 million (Rs.365 crore) from investors led by Tiger Global Management and Rs.550 crore in March by Investment AB Kinnevik.

These positive moves would surely put Quikr in direct competition with classified portals that raised large rounds of funding from VCs like CarTrade and CarDekho in auto classifieds and Commonfloor and Housing.com in real estate.

The company is backed the investors such as Tiger Global Management, Norwest Venture Partners, Omidyar Network, Nokia Growth Partners, and Warburg Pincus including Matrix partners India.

Recently, Quikr announced the launch of a real estate website like quikrhomes.com to allow users to sell or rent available property in an easy way.

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