India-based Quikr secures $90M in round led by Kinnevik
Quikr has obtained $90 million in its latest funding round, The Economic Times reported.
Sweden-based investment firm Kinnevik led the round for the India-based online and mobile classifieds firm. The amount gathered also represents the biggest amount raised for an India-based Internet firm. A person who knows about the deal told The Economic Times that the investment was divided in two rounds. The initial financing was given by current backer Warburg Pincus in September 2013 while the most recent transaction was done last week. The source added that Quikr's other investors, which included Omidyar Network, eBay, Matrix Partners India, Norwest Venture Partners and Nokia Growth Partners also joined in the round, the report said.
Investec and Avendus Capital served as financial advisors for the transaction, which valued Quickr at more than $250 million. Quikr is one of the well-funded consumer Internet firms in India, having secured close to $150 million in seven funding rounds. The latest funds are believed to be deployed for the company's growth plans, the report said.
A former subsidiary of eBay, Quikr was co-founded by Pranay Chulet who now serves as its Chief Executive Officer, and Jiby Thomas. Quikr was spun off into a distinct company in 2008 by the founders who also left the eBay to strike out on their own. In a previous interview with The Economic Times, Chulet said there are 32 million unique visitors that drop by their site each month. It gains revenue through premium listings, lead generation and advertising. While Chulet did not specify details, these streams comprise the $50 million annual revenues that Quikr makes, the report said.
The investment in Quikr is Kinnevik's first direct financing in India. The family-run investment firm is a consumer-focused strategic investor whose investments include Berlin-based Rocket Internet and Russia-based online classified site Avito. Kinnevik has a market value of $10.6 billion, the report said.