E-tailer Quikr gets $90 million in fresh capital from pvt equity firms 

MUMBAI: Online and mobile classifieds business Quikr.com has raised $90 million (around ` 550 crore) in funding led by Swedish investment firm Kinanevik.
Quikr claims to have over 30 million consumers and small businesses across 940 cities using it every month.
Quikr’s existing investors, which include Matrix Partners India, Nokia Growth Partners, Norwest Venture Partners, Omidyar Network, Warburg Pincus and eBay Inc, also participated in the funding.

“They bring a great understanding of the classifieds model as an investor and their experience in other markets will be very valuable to us as we continue to build our business,” said Pranay Chulet, Quikr’s founder and CEO.
E-commerce in India is clocking strong growth and fuelling interest from private equity players. Online retailing in India grew at a compounded rate of 56% between 2007-08 and 2012-13 to an estimated ` 13,900 crore and is expected to more than triple to ` 50,000 crore in three years, according to CRISIL Research.
“From around 8% share of the organised retail market in India now, online retailing will zoom to around 18% by 2016,” said Rahul Prithiani, director, industry research, CRISIL.
Last month, Snapdeal raised $134 million (`820 crore) in funding from investors led by eBay. In January, UK’s development finance institution CDC Group invested $27.5 million (`170 crore) equity capital in online fashion retailer Jabong.com.

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