In an economic slowdown companies have open their arms and investing in one another to expand their businesses. Recently, Quikr Mauritius (holding company of Quikr India) has completed the second round of Rs. 200 million ($4.13 million) funding from a new investor Omidyar Network and returning investor Matrix Partners India.
Deal Details -
- Deal Value (US$ Million) 4.13
- Deal Type Venture Finance
- Deal Status Completed: 2009-07-30
- Deal Participants Target (Company) Quikr Mauritius Holding Private, Ltd.
Quikr is the leading classified engine addressing the needs of local communities in 18 Indian cities. Quikr was started in 2005 as kijiji.com and Rebranded as Quikr.com in 2008. Its original promoter ebay Inc. will continue to be as an investor.
Omidyar Network has invested in Quikr as they are impressed by the tremendous growth of Quikr. Matt Halprin has an opinion that Quikr has enabled the Indian to connect with others online and address their needs.
With the completion of funding, Mr. Pranay Chulet has been appointed as New CEO of Quikr.com. Before joining Quikr, Pranay was Principal in Media Practice in Booz Allen in New York. He is also a founder of Zobyx – creating unique online content for entertainment and education sector. He is an Delhi IITian and Gold Medalist from IIM Calcutta. Pranay said that he is exciting to join the Quikr team and will work to expand quikr reach to maximum no. of people. MD of Matrix India and co-foudner of Baazee.com – Avnish Bajaj said that in the leadership of Pranay, they are looking forward to to capitalize on the potential of Indian classified industry.
There are other players in the market who have recieved similar sort of funding. For instance. Sulekha who got funding from Norwest Venture Partners (NVP), a leading global technology venture capital firm. Whereas OLX received a funding of $5 million from Nexus India Capital
