Warburg leads $32 million investment in Indian online firm
U.S. private equity firm Warburg Pincus WP.UL along with existing investors have pumped $32 million in fresh funds into Indian online classifieds firm Quickr, the e-commerce company said on Tuesday.
Quickr, which aims to use the cash to expand across online and mobile platforms, said existing investors that participated in this round include online retail giant eBay Inc (EBAY.O), private equity Matrix Partners India and global venture capital firm Norwest Venture Partners.
Rising incomes and aspirations to own big brands at discounted rates are pushing middle-class Indians to shop from the comfort of their homes, giving a boost to the country's fledgling $10 billion online commerce market.
With the business set to pick up Indian media group Network 18 (NEFI.NS) is moving towards a U.S. listing of its wholly owned online retail arm, HomeShop18, that could raise about $100 million, sources said recently.
Private equity funds invested $10.58 billion across 501 deals in 2011 in India, up more than a fifth from $8.47 billion across 416 deals in 2010, according to data from industry tracker VCCircle.com.
($1=55 Indian rupees)