Here is the latest report that Quikr, largest online classified site of India has raised $60 Million in fresh round of founding and has been funded by venture capital firm Tiger Global Management (which is also an investor in Flipkart, leading shopping destination in India).
“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 in a statement today. “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”.
Company will use this funding for product development and will expand its growing mobile business. Apart from this, company has number of investors, who are currently associated with company which includes Kinnevik, Matrix Partners India, Nokia Growth Partners, Norwest Venture Partners, Omidyar Network, Warburg Pincus and eBay Inc.
“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.”
Sources: The Hindu