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Business News/ Companies / News/  Quikr gets $60 million investment from Tiger Global, others
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Quikr gets $60 million investment from Tiger Global, others

The money will go towards product development and further expansion of Quikr's mobile business

Mumbai-based Quikr has more than 30 million monthly consumer and small business users in 940 cities.Premium
Mumbai-based Quikr has more than 30 million monthly consumer and small business users in 940 cities.

New Delhi: Online classifieds company Quikr India Pvt. Ltd has raised $60 million led by new investor Tiger Global Management and existing investors, just six months after it raised $90 million, the company said on Wednesday.

The company, which has so far received funding of around $200 million since its inception in 2008, will use the funds towards product development and further expansion of its mobile business, Quikr said in a statement.

Avendus Capital acted as the financial advisor on the deal.

Kinnevik, Matrix Partners India, Nokia Growth Partners, Norwest Venture Partners, Omidyar Network, Warburg Pincus and eBay Inc. are the existing investors in the company.

“The explosive growth in mobile internet is fundamentally reshaping the Indian classifieds internet market, and we are well positioned to be at the forefront of this growth," said Pranay Chulet, co-founder and chief executive Quikr.

Mumbai-based Quikr gets more than 30 million unique visitors a month on its website, which operates across desktops, laptops and mobile phones, and allows consumers as well as small businesses to sell, buy, rent and find things online.

It has presence in over 940 cities in India and operates in 13 categories and in 170 sub-categories, which range from mobile phones, real estate, cars, services, jobs, entertainment, furniture, electronics and many more.

“Quikr has grown rapidly to become one of India’s major classified players with a deep understanding of the local market," said Lee Fixel, partner at Tiger Global Management.

Quikr competes with South Africa’s Naspers-backed OLX.in that came to India in 2005 and has a presence in close to 105 markets.

Online classifieds companies make money through premium listings on their websites, lead generations and advertising. In India these companies, in an attempt to expand the market for second-hand buying and selling, are trying to promote free listings on their platforms.

“This is an investment major players in this space are making in process of establishing the segment but it might not be sustainable in the long run," said Mohit Behl, Partner (retail) at KPMG India.

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Published: 17 Sep 2014, 07:17 PM IST
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