Quikr gets USD 6 mn in 3rd round funding

After a third round of financing, investments in Quikr ” India's horizontal classifieds major ” have crossed the Rs50 crore level. The latest funding, of USD 6 million, was infused into Quikr Mauritius (a holding company of Quikr India) by a new investor, Norwest Venture Partners (NVP), and returning investors, Omidyar Network, Matrix Partners India, and eBay Inc.

"We are impressed by Quikr's tremendous growth," Niren Shah, the NVP India MD, has been quoted as saying. "This investment is a testament to the fact that Indian consumers are passionate about the experience offered by the Quikr platform."

Quikr's (www.quikr.com) e-classifieds platform serves 8 million consumers in 40 cities across India. The consumers buy, sell, or rent offerings ranging from electronic goods and cars to real estate. Jobs opportunities are also featured on the site. It enjoyed prodigious growth last year, owing largely to the increased purchasing power of the middle-class India.

Indeed, Quikr's performance has always drawn a distinguished set of investors. Avnish Bajaj, one of India's internet pioneers (the co-founder of Baazee.com, and the co'founder and MD of Matrix India) serves on the Quikr Mauritius board. Matt Halprin, a partner in Omidyar Network and a former head of Trust & Safety at eBay, is an observer on the board.

Pranay Chulet, the Quikr CEO, has told the media: "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."