Swedish investment firm Kinnevik has led the charge in pooling together funds for Indian classified advertisements portal Quikr.
A total of US$90 million was raised with Kinnevik contributing US$39.3 million and Quikr’s principal current investors – Matrix Partners, Nokia Growth Partners, Norwest Venture Partners, Omidyar Network, Warburg Pincus and eBay – pitching in the remainder.
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Quikr is an online cross-category classifieds business used by over 30 million consumers and small businesses across 940 cities every month. Consumers use the portal to sell, buy, rent or find products and services in a variety of categories such as electronics and household goods, real estate, cars, bikes, jobs and services.
Kinnevik develops operating companies and manages a portfolio of long-term investments in growth markets. Its online investment strategy is focused on investments around e-commerce and marketplaces.
IndusLaw advised Quikr on the legal aspects of the fundraising. Investec was the company’s principal financial adviser. Kinnevik’s in-house team and J Sagar Associates represented the Swedish company.
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