Leader in Indian internet classifieds.
By Raif Karerat
WASHINGTON, DC: Mumbai-based Quikr, which claims to be India’s most expansive classified ads site, has raised $150 million in new funding from returning investors Tiger Global and Investment AB Kinnevik, as well as newcomer Steadview Capital.
The latest injection of capital brings Quikr’s total haul to $350 million since it was formed in 2008. TechCrunch reported the new funding will be utilized to enhance its mobile business and expand its most active categories, including cars, real estate, jobs, and services.
Quikr is also planning to launch a separate property portal called Quikrhomes.com. The new website will compete against players like SoftBank-backed Housing.com; CommonFloor, which has also raised funding from Tiger Global as well as Google Capital; MagicBrick.com; and 99Acres, per TechCrunch.
Founder and CEO Pranay Chulet also said the company will “delve deeper into its jobs and services sections, potentially spinning out each as a separate vertical.”
“We already are leaders in all these areas, people just don’t realize how big each of these businesses has become for us through sheer organic pull,” says Chulet. “Quikr is a bit like a mothership that cuts across a bunch of categories. It’s time to launch big boats from the mothership.”
Quikr has more than 30 million monthly consumers and small business users across 1000 cities and with its coffers newly stuffed full, its valuation has doubled to somewhere between $700 and 800 million, according to The Economic Times. More venture capital firms are starting to take notice of Quikr’s rapid upward trajectory as a result.
“While the bigger players, especially in the autos and real estate sectors, won’t be selling out to Quikr … the smaller ones are expected to do so. The end game is to be bought out by those with deeper pockets,” said Radhika Dubash, founder and CEO of boutique investment bank Alexis Capital, in a statement to the Times.
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