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The Smart Techie was renamed Siliconindia India Edition starting Feb 2012 to continue the nearly two decade track record of excellence of our US edition.

July - 2012 - issue > Venture Beat

Warburg Pincus along with two others pumps $32 Mllion in Quikr

SI Team
Sunday, July 1, 2012
SI Team
The classifieds site Quikr, has raised $32 million in series E round of funding from Warburg Pincus. Also participating in the current round of investment are the existing investors Matrix Partners India, Norwest Venture Partners and eBay Inc. The company has raised $50 million from investors till date, which makes it one of the most funded consumer Internet companies in the country.

Mumbai based Quikr was formerly known as Kijiji India Private Limited, and launched in the year 2008. The platform is currently used by over 17 million unique individuals and small businesses across 83 cities every month. The platform allows people to transact with each other directly online. That expands their market to well beyond what most internet companies are.

"In the initial rounds of fund raising, we have already attracted some of best investors across the globe. We are delighted to have a strategic partner like Warburg Pincus as we continue our journey forward. The current round, which is our largest to date, will enable us to diversify our offerings across both online and mobile platforms and further strengthen our marketing capabilities," says Pranav Chulet, CEO, Quikr.

The 100 member strong company plans to use the fund for team expansion, product development, technology, and marketing. It has organically grown till date, but plans to make a strategic shift and will invest more in marketing and building its brand through non-internet channels.

By the next decade, Quikr plans to scale to larger heights and provide opportunities in the internet sector. Quikr is currently present in over 40 cities and they plan to launch it another 30 cities in the coming years. The company as well plans to get into better marketing techniques as e-commerce is creating waves to a better prospect of the nation.

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