Mumbai, India – March 12th, 2014: Quikr, India’s leading classifieds business, today announced that it has raised a $90 Million investment led by Kinnevik, a leading growth markets-focused investment company, with participation from its principal current investors. Quikr’s current investors include Matrix Partners India, Omidyar Network, Nokia Growth Partners, Norwest Venture Partners, Warburg Pincus and eBay Inc. This round of funding will enable Quikr to continue to grow its business while staying focused on aspects that are important from a long-term perspective.
Pranay Chulet, Founder and CEO of Quikr said, “We are excited to welcome Kinnevik to Quikr. They bring a great understanding of the classifieds model as an investor and their experience in other markets will be very valuable to us as we continue to build our business.”
Quikr is a large scale cross-category classifieds business with over 30 million consumers and small businesses across 940 cities using it every month. These consumers come to Quikr to sell, buy, rent or find products and services in a variety of categories such as electronics and household goods, real estate, cars, bikes, jobs and services.
“It is exciting to see a Company which was practically started out of the Matrix India office scaling new heights. Pranay is an outstanding entrepreneur who we are privileged to work with and we welcome Kinnivek to the Quikr partnership", said Avnish Bajaj, co-Founder and Managing Director, Matrix India.
“Quikr has grown rapidly based on a deep understanding of the Indian market,” said Mia Brunell Livfors, President and CEO of Kinnevik. “It is targeting a tremendous opportunity in a large growth market and we look forward to being a part of its exciting journey forward.”
Quikr is India’s leading cross-category classifieds platform that is used by over 30 million unique users a month. It is present in 940 cities in India and operates in over 10 categories that include mobile phones, household goods, cars, real estate, jobs, services and education. Quikr operates across desktop, laptop and mobile phones, and allows consumers as well as small businesses to sell, buy, rent and find things across its multiple categories with great ease. Quikr’s investors include Kinnevik, Matrix Partners India, Omidyar Network, Nokia Growth Partners, Norwest Venture Partners, Warburg Pincus and eBay Inc. Further information is available at www.quikr.com
About Matrix Partners India:
Matrix Partners India is an investment firm with INR 3,000 crore under management. The firm invests in companies targeting the Indian consumer market at the seed, early and early growth stages. The firm has invested in several market leading companies including Olacabs (online cab aggregator), Limeroad (social shopping for women), Stayzilla (online hotel bookings), Verse/NewsHunt (vernacular mobile platform), Mswipe (mobile POS), Centre for Sight (eye care), Cloudnine (maternity and infant care chain), Muthoot Finance (gold loan NBFC) and TreeHouse Education (preschools) among others. Matrix Partners has a global network of funds investing in the US, China and India with US $3 billion under management. Further information is available at www.matrixpartners.in