The online local search segment in India continues to garner significant investment. Still haven't seen the long expected consolidation.
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Anand Rai, VCCircle
May 22, 2012
This is Warburg Pincus’ first Internet-related investment in India in more than a decade, after Rediff.com.
Quikr Mauritius Holding Pvt Ltd, the parent company of Quikr India Pvt Ltd which runs online classifieds site Quikr, has raised $32 million in its fifth and also its largest round of funding, led by private equity firm Warburg Pincus. Existing investors Matrix Partners India, Norwest Venture Partners and eBay Inc also participated in the latest round that took the total funding into the company to $50 million or close to Rs 260 crore – making it one of the heavily funded consumer Internet firms in India
According to the company, its platform is used by more than 17 million unique users and small businesses across 83 cities, on a monthly basis. Its online and mobile platforms provide local destinations for each of these cities. People can go to their local Quikr platforms to sell, buy, rent or find products and services across 165 categories, such as electronics, cars, bikes, real estate, services, jobs, education and entertainment, among others.
The company generates revenues from three defined revenue streams – advertising, premium listing and providing lead generation for small-scale businesses.
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