Joining the outburst of the Indian startup economy, Quikr is set to reach the $1 Billion mark very soon. As per the sources, Tiger Global is leading a $150-million (Rs 950 crore approximately) financing round in the online classifieds major, that will result in the evaluation of over $1 billion. Post this funding round Quikr will be joining the elite club of top Indian startups likes of Flipkart, Snapdeal, Ola, data cruncher Mu Sigma and InMobi.
If we take a look at the already existing funding status of top startups, only Flipkart has absorbed a bigger funding round (over $700 million) from Tiger Global. Many other big players from the US and Asia. Existing investors like Ebay and Kinnevik will also be participating in the round. The latest round is yet to be officially announced, but its founder Pranay Chulet is quoted as saying that we are ready to “grow to ten times” in the next three years.
Mumbai based Quikr has recently shifted its headquarters to Bangalore. The company, founded by Pranay Chulet, an IIT-Delhi and IIM-Calcutta alumnus, has in all raised $200 million in capital (excluding the latest round) including $60 million fund raising in September last year, led by Tiger Global, at a valuation of $400 million.
The Expediture plan:
The fresh funds raised by the classifieds major will be invested behind its mobile platform, which is responsible for more than 70% of overall transactions, and acquisitions. Generally Quikr registers listings for categories like jobs, automobiles, used goods, services and electronics, but recently Quikr has been strengthening its verticals in like home, cars, jobs, services and real estate.
Based on the popular American classifieds platform Craigslist, Quikr competes directly with OLX, which is backed by the South African internet and media giant Naspers. Currently Quikr is handling 1.5 million monthly transactions amounting to $5 billion of commerce, a four-and-a-half times increase in the past year.