Indian online classifieds company Quikr India Pvt. Ltd has raised Rs. 1.3 billion from Brand Capital, the private branding and funding arm of media company Bennett, Coleman and Co. Ltd (BCCL), owners of The Times of India and The Economic Times newspapers, according to livemint.com.
Documents filed with the Registrar of Companies, Brand Equity Treaties Ltd, which owns Brand Capital, invested Rs1.3 billion in Quikr India via 143,000 fully convertible debentures at Rs 9038 each and one equity share of the same price.
Convertible debentures are debt instruments that can be converted into stock.
Quikr has already raised $346 million from Tiger Global Management and Kinnevik AB. It focuses on five business segments - real estate, jobs, automobiles, services and customer-to-customer sales.
Quikr has acquired several property businesses. In January it paid $120 million for real estate portal Commonfloor (maxHeap Technologies Pvt. Ltd), and also bought real estate agent aggregator Indian Realty Exchange (123 Startup Ventures Pvt. Ltd) and RealtyCompass, a realty analytics start-up. Quikr has also made a strategic investment in A.N. Virtual World Tech Ltd, a company which provides 360-degree street views.
As part of the new deal, BCCL will publish ads in its media properties including The Times of India and The Economic Times newspapers as well as ET Now and Times Now channels for an agreed number of years, although the exact terms are unconfirmed at this stage.