OLX raises $5 Million from Nexus India Capital
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OLX raises $5 Million from Nexus India Capital
Bangalore: New York based free classifieds website OLX has raised $5 Million from Nexus India Capital. Suvir Sujan, co-founder and the Managing Director of OLX, has confirmed the investment. OLX also has presence in Spain, Portugal, Mexico, South America, China, and the Philippines besides India. "We strongly believe that free online classifieds around the world has a good future and think that the OLX team is one of the best teams to execute this vision," said Sujan. The total funding rose by OLX is $28.5 Million, including this investment from Nexus. OLX had raised its series-B round of $13.5 Million in December 2008 from General Catalyst Partners, Bessemer Venture Partners, Founders Fund and DN Capital. OLX CEO Fabrice Grinda said that new investment will be used to make new acquisitions, implement site improvements, expand globally, and pursue aggressive marketing initiatives.