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Classifieds site Quikr.com raises $6 million in Series C funding led by Norwest Venture

by Satrajit Sen

Quikr Mauritius, the holding company of Quikr India that runs an online classifieds site Quikr.com, has raised $6 million (Rs 27 crore) in third round of funding led by new investor Norwest Venture Partners (NVP) and participated by existing investors Omidyar Network and Matrix Partners India.

by Satrajit Sen

Quikr Mauritius, the holding company of Quikr India that runs an online classifieds site Quikr.com, has raised $6 million (Rs 27 crore) in third round of funding led by new investor Norwest Venture Partners (NVP) and participated by existing investors Omidyar Network and Matrix Partners India.

In July 2009, Quikr had raised Rs 20 crore in second round of funding led by new investor Omidyar Network and participated by existing investor Matrix Partners India. So far, the company has raised over Rs 50 crore in three rounds of funding. According to Pranay Chulet, CEO, Quikr.com, the company plans to use the new fund for growing the online classifieds platform and making it better for the users.

Quikr.com currently offers its services in 40 cities across India and claims to attract more than 8 million users per month, with most of the traffic coming from Delhi, Bangalore and Mumbai. “We are impressed by Quikr’s tremendous growth,” Niren Shah, managing director, NVP India, has said. “The company is pursuing an extremely large opportunity with a unique business model, and we look forward to partnering with Quikr to help further grow the company in this rapidly growing market.”

When asked if the company has exhausted its earlier funds, Pranay Chulet told AlooTechie, “The investment was not because we have consumed all our earlier investments. With the new fund, we will be focusing on growing the platform further by increasing our userbase and making a better product for our users. We will be looking at increasing the number of cities we cover along with the number of categories covered in the website.”

Speaking about the online classifieds market in India, Pranay Chulet said that the space is growing faster than the number of internet users is growing in a year. “The opportunity in India is big as online classifieds is surely eating up a significant portion of the print classifieds pie and Quikr being the largest classifieds website in India, is growing pretty fast than its competitors,” he added.

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