Online classifieds company Quikr has just announced that it has raised Rs 900 crore in funding from new and existing investors. The company says that this fresh influx of money will be used to spur the company’s presence in the mobile space; consolidate its leadership position and other key categories of expansion including goods, cars, real estate, jobs and services. Also Read - Here is how fraudsters are trying to cheat OLX and Quikr users
Many existing investors like Tiger Global, Investment AB Kinnevik and new investors like HongKong Steadview Capital participated in the funding round. Also Read - Reliance Jio offers Rs 2,200 cashback on refurbished 4G smartphones from Quikr Bazaar
“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.” said Pranay Chulet, Founder and CEO of Quikr in a statement. Also Read - Xiaomi could topple Samsung to become the leading brand in used smartphone sales
Quikr claims to have 30 million monthly unique users across 1,000 cities. Last March Quikr had raised Rs 550 crore led by Investment AB Kinnevik, and Rs 367 crore in September from investors led by Tiger Global.
Quikr was formed in 2008, and has since then indulged in eight rounds of funding. The initial funding came from Matrix partners India, and since then investors like Omidyar Network, Norwest Venture Partners, Nokia Growth Partners, Tiger Global Management, Warburg Pincus and Kinnevik have backed the company.
It competes heavily with OLX in the online classifieds space in India. OLX is backed by South African Internet conglomerate Naspers. The online classifieds space is slowly taking centre-stage in India, and is a huge platform for Indian users to sell their used goods.