Quikr raises $6 million funding from NVP
Date: Tuesday , May 04, 2010
Quikr, India’s leading horizontal classifieds player has raised $6 million as third round of funding in Quikr Mauritius (a holding company of Quikr India) led by new investor, Norwest Venture Partners (NVP), and returning investors, Omidyar Network, Matrix Partners India and eBay. With this round of financing, Quikr has raised in excess of Rs. 50 crores (around $11.5 million) since inception. Norwest Venture Partners, which led the round, has invested about $4 million into the company. In its last round of funding, it raised about Rs 20 crore (Around $4.5 million) led by Omidyar Network and commitment from series-A investor Matrix Partners in July 2009. Pranay Chulet, CEO of Quikr, says, “We are excited to add a firm like Norwest Venture Partners to our group of marquee investors and look forward to taking Quikr to new heights from here on.”
Quikr offers a web-based classifieds platform that addresses the needs of local communities in 40 cities across India. More than 8 million consumers visit Quikr every month to buy, sell, rent or find things ranging from electronics to cars to real estate to jobs, and everything in between. Quikr is the largest player in its market and the company has experienced explosive growth in the last year due in part to the increased purchasing power of the rising middle class in India.