Quikr gets USD 60 million funding

Online classifieds firm Quikr today said it has raised USD 60 million funding for business expansion.

Tiger Global Management along with all existing investors in the company participated in the funding, Quikr said. The current investors are Kinnevik, Matrix Partners India, Nokia Growth Partners, Norwest Venture Partners, Omidyar Network, Warburg Pincus and eBay Inc.

"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 growth," Quikr founder and CEO Pranay Chulet said in a statement.

Quikr is a large-scale cross-category online classifieds business with more than 30 million monthly consumer and small businesses users in 940 cities.

"Quikr has grown rapidly to become one of India's major classifieds players with a deep understanding of the local market. By leveraging the company's strengths as a local player, Quikr has seized a tremendous opportunity in a rapidly growing market," Tiger Global Management Partner Lee Fixel said.