Warburg Pincus Funds Quikr With $32 Million


Bangalore: Quikr an online website where the local community within a city could come together, meet, trade and help each other is being funded by the US based funding giant Warburg Pincus with a whopping $32 million. Quikr has raised $50 million from various other investors till date, which makes it one of the most funded consumer Internet companies in the country.

In its fifth and largest round of fund raising global private equity firm Warburg Pincus Llc led the round, with existing investors Matrix Partners India, Norwest Venture Partners and eBay Inc. pooling in to invest. Pranay Chulet, chief executive and co – founder says that this funding will be enabled to diversify the offerings across both mobile and online platforms and to further strengthen the marketing capabilities.

This team with less than 100 employees attracted the investors not only with their creativity and wide market control but also with the growth opportunities in the Indian internet marketing sector. Quikr has 17 million individual users trading online across 83 cities.  Funding and investments of such companies are gaining decent approach because of their nature in marketing, high e-commerce strategies and extreme internet usage.

The funding for Quikr may increase because the internet usage within the country has touched the 100 million mark and is predicted to triple by 2014-2015. Now, it is not wrong for us to expect a little more from Quikr as the funding they received was indeed fast and ‘quicker’.