Quikr, the horizontal classifieds player, announced the completion of a USD 6 million third round of funding in Quikr Mauritius (a holding company of Quikr India) led by new investor, Norwest Venture Partners (NVP), and returning investors, Omidyar Network, Matrix Partners India and eBay Inc. With this round of financing, Quikr has raised in excess of INR 50 crores in total investment since inception.
Quikr (www.quikr.com) offers a web-based classifieds platform that addresses the needs of local communities in 40 cities across India. More than 8 million consumers visit Quikr every month to buy, sell, rent or find things ranging from electronics to cars to real estate to jobs, and everything in between. Quikr is the largest player in its market and the company has experienced explosive growth in the last year due in part to the increased purchasing power of the rising middle class in India.
"We are impressed by Quikr's tremendous growth," said Niren Shah, Managing Director, NVP India. "This investment is a testament to the fact that Indian consumers are passionate about the experience offered by the Quikr platform. The company is pursuing an extremely large opportunity with a unique business model, and we look forward to partnering with Quikr to help further grow the company in this rapidly growing market."
Pranay Chulet, CEO of Quikr, said, "We are excited to add a firm like Norwest Venture Partners to our group of marquee investors and look forward to taking Quikr to new heights from hereon. The NVP team brings great pedigree in the global internet business - that experience, combined with Niren's credentials, further lends force to the Quikr movement and strengthens our leadership position in the market."
India, with its growing affluence, is witnessing fundamental shifts in the purchase patterns and lifestyles of its consumers. As their purchase cycles become shorter and consumers increasingly turn to digital media to address their day-to-day needs, a simple platform like Quikr has the potential to revolutionize the e-commerce landscape in this country.
Quikr's organic growth due to strong consumer adoption has attracted an impressive roster of investors from early on. Avnish Bajaj, one of India's internet pioneers ( co-founder of Baazee.com )and co-founder & Managing Director of Matrix India serves on the Board of Directors of Quikr Mauritius. Matt Halprin, Partner, Omidyar Network,and former head of Trust & Safety at eBay is also an Observer on the Board.
Source: IndiaPRWire
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