Quikr, an online classifieds startup based in Mumbai, India, has raised $60 million in its latest round of funding as the company seeks to grow in the mobile Internet segment in one of the world’s fastest-growing smartphone markets.
This round of funding was led by new investor Tiger Global Management, while existing backers also participated in the deal, Quikr said in a statement Wednesday. The company's website and mobile application allow people in 900 cities across the country to buy and sell a range of products and services.
New York-based private equity firm Tiger Global’s entry reflects the growing interest in Indian e-commerce among overseas investors. Tiger Global, an investor in Facebook Inc., has also invested in Flipkart, India’s largest online retailer.
“The explosive growth in mobile internet is fundamentally reshaping the Indian classified internet market, and we are well positioned to be at the forefront of this growth,” CEO Pranay Chulet, who founded Quikr about five years ago, said in the statement.
Quikr’s current investors include Kinnevik, Matrix Partners India, Nokia Growth Partners, Norwest Venture Partners, Omidyar Network, Warburg Pincus and eBay Inc.