 "Quikr to use fresh funding in mobile, leadership categories")
“This fresh round of funding will be used to further invest in Quikr’s fast-growing mobile business and in key categories where the company already has leadership positions, such as goods, cars, real estate, jobs, and services,” Quikr said.
“We have undertaken this transaction to further consolidate our leadership in the Indian classifieds market. Our strategy of innovating for the local market has played out really well, and we intend to continue to do that,” said Pranay Chulet, the founder and chief executive officer of Quikr.
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He added: “The big things for us are to continue to innovate for India, innovate for mobile and go deeper in key categories where we already are leaders.” Avendus Capital was the exclusive advisor to Quikr on this transaction.
“Quikr has built its market-leading position by steadily innovating new features, such as messaging, which are rooted in its deep understanding of India as a market and mobile as a medium. We are excited to be a part of this growth story, which offers millions of Indians an easy way to transact with one another across a large number of categories,” said Lee Fixel, partner, Tiger Global.
In September last year, Quikr had raised $60 million (Rs 365 crore), led by Tiger Global Management. So far, Quikr has raised about Rs 2,200 crore, through nine rounds.
Existing investors, such as Investment AB Kinnevik, Matrix Partners India, Nokia Growth Partners, Norwest Venture Partners, Omidyar Network, Warburg Pincus, and eBay participated in the funding rounds.
Quikr has more than 30 million monthly consumers and small business users across 1,000 cities. It operates in more than 10 categories, including mobile phones, household goods, cars, real estate, jobs, services and education.