India’s largest online classifieds site, Quikr, has raised $90 million in fresh funding from a group of investors led by Sweden’s Kinnevik.
The latest round, which would take the total capital raised by Quikr to around $136 million, values the startup at over $250 million, a report added.
Quikr had raised $32 million from Warburg Pincus, Matrix Partners, Norwest Venture Partners and eBay in Series E funding in May 2012. Omidyar Network and Nokia Growth Partners are among other investors backing Quikr.
The latest funding in Quikr also underscores growing interest from newer investors in India’s online commerce. Kinnevik has already backed other online classifieds startups globally including Russia’s Avito, which became the world’s third biggest classifieds site after its $570 million deal with Naspers last year.
Quikr is among the fastest growing Internet businesses in India, as more Indian Internet users buy and sell products, services online. The startup gets around 30 million unique visitors every month, and has annual revenues of around $50 million earned mostly through advertising and premium listings.
“Quikr has grown rapidly based on a deep understanding of the Indian market,” Mia Brunell Livfors, CEO of Kinnevik said in a statement. “It’s targeting a tremendous opportunity in a large growth market and we look forward to being a part of its exciting journey forward.”
India’s e-commerce and online businesses are on fire, as the country’s around 200 million Internet users seek real-time information about products and services and are discovering more convenient ways to transact on the web. Many of them are buying and selling electronics, household goods, cars, bikes and other services on online classified sites such as Quikr.