The Kinnevik USD 40m investment is part of a total USD 150m raise led by Quikr’s existing shareholders, principally Tiger Global Management, and supported by new investor Steadview Capital Management. The new funding will be used by Quikr to invest in new product development and verticalisation initiatives.
Lorenzo Grabau, CEO of Kinnevik, commented: “We are pleased with the progress that Pranay and his team have achieved over the last 12 months, in particular with the success achieved by the recently launched instant messaging platform. We look forward to supporting the growth of Quikr as the leader in horizontal classifieds in the world’s third-largest internet market. We are delighted to welcome Steadview Capital as a new shareholder and look forward to working with them.”
He continued: “This investment is 100 percent in line with Kinnevik’s strategy to build leading digital consumer businesses in key markets around the world, and to increase our ownership in our most successful companies.
“Together with Avito and Saltside, we now have three very exciting investments in the marketplace and classifieds sector in India, Russia and in a number of frontier markets. “
Quikr is India’s leading cross-category classifieds platform and is used by over 30 million unique users a month. It is present in over 900 cities in India and operates in over 10 categories that include mobile phones, household goods, cars, real estate, jobs, services and education.
Source: Press Release