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NVP Backed Quikr raises $32mn from Warburg Pincus
NVP Backed Quikr raises $32mn from Warburg Pincus
By: iMedia News Bureau

Quikr, the internet and mobile based classified ads firm has raised USD 32 million (Rs 176 crore) from overseas investors Warburg Pincus and existing investors Matrix Partners India, Norwest Venture Partners and eBay Inc in its fifth round of funding.

Pranay Chulet, Co-Founder and CEO of Quikr, said, “We are delighted to have a strategic partner like Warburg Pincus. The current round which is also our largest to date, will enable us to diversify our offerings across online and mobile platforms, intensify our product development efforts and further strengthen our marketing capabilities.”

Nearly 17 million individuals and small businesses across 83 cities access Quikr every month to sell, buy, rent or find products and services in a variety of categories. They include electronics items, auto, real estate, jobs, education and entertainment.The company is also exploring the potential of introducing other categories like financial services.

In the previous four round of funding, Quikr is estimated to have raised over USD 18 million from investors including Nokia Growth Partners, Norwest Venture Partners, eBay Inc, Omidyar Network, Matrix Partners India. 

Warburg Pincus India Managing Director Nitin Nayar said,  “We were impressed by the dynamism and the vision of Quikr’s management team. We look forward to working closely with the management team to build on the company’s success and accelerate its growth plans.”