Quikr, which claims to be India’s largest online classifieds website, has raised $150 million (Rs 900 crore approximately) from the Hong Kong-based Steadview Capital. The round also saw participation from its existing investors, including Tiger Global Management and Investment AB Kinnevik.
Flooded with this massive investment, Quikr plans to to grow and promote its mobile business. The company further plans to invest in key categories where the company already claims to have a leadership position, including goods, cars, real estate, jobs, and services.
The company had last raised $60 million from Tiger Global and existing investors Kinnevik, Matrix Partners India, Nokia Growth Partners, Norwest Venture Partners, Omidyar Network, Warburg Pincus and eBay Inc in September last year. So far, Quikr has raised $350 million funding and continues to scoop in more and more investment, with focus towards its mobile business.
Quikr Founder and CEO Pranay Chulet said –
We’ve undertaken this transaction to further consolidate our leadership in the Indian classifieds market. The firm’s strategy of innovating for the local market has played out really well and Quikr intends to continue to do that as we go forward. The big things for us going forward are to continue to innovate for India, innovate for mobile and go deeper in key categories where we already are leaders
This investment comes at a time when Quikr is all set to launch a new online realty site Quikrhomes which is expected to go live in next four to six weeks. Quikr says that around $2.5 billion (about Rs 15,500 crore) worth of real estate transactions take place though it every month and hence plans to launch a dedicated platform for real estate transactions.
Quikr has more than 30 million monthly consumers and small business users across 1000 cities. With this round of funding, Quikr has achieved a staggering valuation of $1 billion.