Quikr, the Mumbai-based online classifieds player, has raised $90 million (around Rs.550 crore) from a consortium of investors led by Swedish private equity player Kinnevik.
Quikr said there was participation from its principal current investors, including Matrix Partners India, Omidyar Network, Nokia Growth Partners, Norwest Venture Partners, Warburg Pincus and eBay Inc. “This round of funding would be used in product development, getting the right talent and for marketing,” Pranay Chulet, Founder & CEO, Quikr, told The Hindu. Quikr has todate raised $150 million. Quikr is a large-scale cross-category classifieds business providing consumers a platform to buy, sell or rent products and services in categories such as electronics, household goods, real estate and vehicles.
On competition, Mr. Chulet told this correspondent that “India is a large, attractive market but what keeps me awake is that as the market expands, how do we maintain our position in the new part of the expanding market? We have our hands full, and have to remain innovative and nimble”.