BANGALORE: Quikr, one of the big names in the Indian online classified segment successfully raised a fresh round of funding valued upto $90 million from Kinnevik and a group of other prominent investors. The other majors who joined the Swedish investment firm Kinnevik, are Warburg Pincus, Norwest Venture Partners, Ebay and Nokia Growth Partners as reported by TOI. The funding progress shows the tremendous potential that the country stocks in the online classified space. Quikr churned out the funds keeping their existing investor Warburg Pincus to become the first online services firm in India to come up with the largest amount of funding.

Other major players in the Indian online e-commerce segment including Snapdeal, Flipkart, Myntra and Jabong were also pumped by funds and will boost up the quick evolving online classifieds vertical. Other major portal which offers services in the segment is OLX which recently got funding from the South African giant Nasper. Quicker was founded in 2008 by Pranay Chulet, an IIM alumini, who used to work for e-bay in the U.S. and later settled in India to set up his own venture. The online portal boasts about 32 million visits per month with its presence in over thousand cities and is valued at a figure of $250.

"We should be able to cross 100 million unique users in about three to four years," said Chulet while commenting on the development. Headquartered in Mumbai, Quicker has a wide range of listings that include real estate, automobiles, jobs, households, electronics and education. Premium listings, leads generation and advertising are the major income source for the online classified venture. "We are excited about Kinnevik joining us in our journey as we build the business from here on. We liked their experience in the classifieds space," added Chulet.

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