Quikr Raises $60M to Invest in Future Growth
Tiger Global Management leads funding for India’s No. 1 classifieds platform with participation from current investors
Mumbai, September 17, 2014 – Quikr, India’s No. 1 online classifieds business, today announced that it has secured a $60 million investment led by new investor Tiger Global Management, a global investment firm, with participation from its current investors. Quikr’s current investors include Kinnevik, Matrix Partners India, Nokia Growth Partners, Norwest Venture Partners, Omidyar Network, Warburg Pincus and eBay Inc. The new funding will be used by the company to invest in product development as well as further expansion of its fast growing mobile business.
“The explosive growth in mobile Internet is fundamentally reshaping the Indian classified Internet market, and we are well positioned to be at the forefront of this growth,” said Pranay Chulet, Founder and CEO of Quikr. “This funding round is a powerful validation of our local knowledge and connections, skilled execution and quality management team. We are excited to welcome Tiger Global to Quikr as we continue to further grow our platform”.
Quikr is a large-scale cross-category online classifieds business with more than 30 million monthly consumer and small businesses users in 940 cities. 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 and employment and other services.
“Quikr has grown rapidly to become one of India’s major classifieds players with a deep understanding of the local market,” said Lee Fixel, Partner at Tiger Global Management. “By leveraging the company’s strengths as a local player, Quikr has seized a tremendous opportunity in a rapidly growing market. We look forward to supporting the Quikr team.”
About Tiger Global Management
Tiger Global is a fundamentally oriented, global investment firm. The Firm deploys capital in private equity partnerships and public equity funds. Tiger Global’s private equity partnerships have ten-year investment horizons and invest in growth companies in the global Internet and technology sectors. Tiger Global’s private investments have included SurveyMonkey, Warby Parker, Yandex, Facebook, Linkedin, Jingdong, Despegar, Mail.ru Group, Ctrip, Flipkart, Makemytrip, Justdial, Netshoes, MercadoLibre, OnDeck, and Eventbrite. The Firm’s public equity funds focus on long-term trends in the technology, telecom, media, retail and consumer sectors. Tiger Global was founded in 2001 and is based in New York.