Quikr Raises $150 Million In Fresh Funding

07/04/2015 6:36 PM IST | Updated 15/07/2016 8:25 AM IST
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INDRANIL MUKHERJEE via Getty Images
TO GO WITH India-retail-Internet-e-commerce-marketing,FOCUS by Aditya PHATAK In this photograph taken on May 5, 2014, founder and CEO of India's largest online classifieds company Quikr Pranay Chulet speaks during an interview with AFP at the Quikr company headquarters in Mumbai. An Indian answer to Craigslist is drawing millions of monthly visitors to its website, exchanging everything from used iPads to cows, in a country where second-hand goods have traditionally been sniffed at. Quikr, a start-up launched in 2008, has become the leading online classifieds portal in India, where the e-retail market is exploding thanks to a vast young population with growing Internet access. Like Craigslist, Quikr allows users to post ads for free and browse for furniture, apartments, pets and even potential spouses, before closing the deal offline -- a system that chief executive and founder Pranay Chulet believes is well suited to India. AFP PHOTO/ INDRANIL MUKHERJEE (Photo credit should read INDRANIL MUKHERJEE/AFP/Getty Images)

NEW DELHI — India's largest online classifieds portal Quikr today said it has raised $150 million (about Rs 900 crore) from investors to consolidate its leadership position, and invest in mobile and other key categories.

The financing round included significant investment by its existing investors Tiger Global Management and Investment AB Kinnevik, and first time investor Steadview Capital, a Hong Kong-based firm, it added.

"This fresh round of funding will be used to further invest in Quikr's fast growing mobile business and in key categories where the company already has leadership positions, including goods, cars, real estate, jobs and services," the firm said. "The strategy of innovating for the local market has played out really well," said founder-CEO Pranay Chulet.

"The big things for us going forward are to continue to innovate for India, innovate for mobile and go deeper in key categories where we already are leaders," he added. Quikr has more than 30 million monthly consumers and small business users across 1000 cities. The firm had last year raised USD 60 million funding for business expansion.

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