Quikr raises USD 8-mn in funding

Funding raised by selling equity in a round led by a fund started by Finnish mobile handset maker Nokia.

PTI | May 10, 2011



Online classifieds company, Quikr, on Monday announced it has raised USD 8-million in funding by selling equity in a round led by a fund started by Finnish mobile handset maker Nokia.

The investment has been made into Quikr Mauritius, which is the holding company for Quikr India and the other investors who participated in this round included Norwest Venture Partners and eBay Inc, a release issued here by the company said.

The company's Chief Executive, Pranay Chulet, said the company will now look forward to scale-up its business both on the Internet and mobile platforms.

Articulating its rationale for investing, Nokia Growth Partners' (NGP) Managing Director, Upal Bau, said, "we expect the rapid adoption of 3G and smartphones to create significant new opportunities for Quikr to deliver classifieds and other local commerce opportunities to mobile devices."

NGP, which has USD 350-million under management, invests in telecom, Internet and mobility companies worldwide. Quikr boasts of serving 40 cities across the country and 10-million people visit the website every month.
 

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