Quikr raises USD 6 mn fund led by Norwest Venture

Quikr, India`s leading horizontal classifieds player, announced today 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 Rs 500 million in total investment since inception.

Quikr 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,“ he added.

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 here on. 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.”