Quikr gets $60 million funding

India's largest online and mobile classifieds portals based in Mumbai - Quickr.com, has raised $60 million (Rs 367 crore) from backers led by U.S. investor Tiger Global Management LLC with participation from its current investors.

The fund raised will help Quickr to boost product development and expansion into mobile business, which contributes over 70% of the traffic and has grown nearly five times in the past one year

The current round comes six months after it raised $90 million (Rs 550 crore) from a group led by Swedish investment firm Kinnevik. The company is backed by Matrix Partners India, Omidyar Network, Norwest Venture Partners and invested in by eBay.

Quikr says it has more than 30 million monthly consumer and small businesses who use the portal to sell, buy or rent products or services. Its main competitor is OLX which is owned by South African media giant Naspers

This new round may give Quikr post-money valuation of Rs 2,800 crore, or $460 million, while the previous round in March had valued the company at about Rs 1,500 crore, or $240 million making it one of the most heavily capitalised Indian internet companies outside ecommerce.

Tiger Global - part hedge fund, part private equity - is one of a growing number of Wall Street financiers eyeing technology start-ups who have yet to list on the market.

Headquartered in Mumbai, Quikr was launched on 12 July 2008 and is currently present in 900 cities across India. Quikr provides the local community with a platform to help them buy, sell, rent and find something and address needs across many categories. Formerly known as Kijiji.in, the online classified startup was founded by Pranay Chulet who is now Co-founder & CEO of Quickr.

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