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Online classified Quikr raises $60 million investment

Quikr

Quikr one of the leading classifieds portals has revealed that it has secured a $60 million investment led by new investor Tiger Global Management, a global investment firm, along with the participation from its current investors. The present list of Quikr investors includes Kinnevik, Matrix Partners India, Nokia Growth Partners, Norwest Venture Partners, Omidyar Network, Warburg Pincus and eBay Inc. The company will be using this investment in the product development as well as in expanding the fast growing mobile business.

Speaking about the fund raising, Pranay Chulet, Founder and CEO of Quikr, said “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. 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”.

Also Read: Instant messaging app Hike raises $65 million investment

Quikr has around 30 million monthly consumers and small businesses users in 940 cities. The consumers come to sell and buy various products and services belonging to various categories. Realising the growing expansion Quikr, Lee Fixel, Partner at Tiger Global Management, said, “Quikr has grown rapidly to become one of India’s major classifieds players with a deep understanding of the local market. 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”.

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Heena Gupta

A reader at heart, this girl loves to express through writing. Her ears perk up as soon as she senses any tech molecule in the air. With the ability to use and navigate typical technologies she becomes a complete tech enthusiast. This post graduate in Mass Communication lives in the world of gadgets. Fiction, history and cartoons keep her busy in the free time. Her urge to grow mixed with excellent writing skills forces us to have her as a part of our workforce.

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