13th March 2014 | Mumbai | Investment Banking
Quikr, India’s leading classifieds business, today announced that it has raised a $90 Million investment led by Kinnevik, a leading growth markets-focused investment company, with participation from its principal current investors. Quikr’s current investors include Matrix Partners India, Omidyar Network, Nokia Growth Partners, Norwest Venture Partners, Warburg Pincus and eBay Inc. This round of funding will enable Quikr to continue to grow its business while staying focused on aspects that are important from a long-term perspective.
Quikr is a large scale cross-category classifieds business with over 30 million consumers and small businesses across 940 cities using it every month. These consumers come to Quikr 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.
Avendus Capital was the lead financial advisor for this transaction.
Pranay Chulet, Founder and CEO of Quikr said, “We are excited to welcome Kinnevik to Quikr. 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.”
“Quikr has grown rapidly based on a deep understanding of the Indian market,” said Mia Brunell Livfors, President and CEO of Kinnevik. “It is targeting a tremendous opportunity in a large growth market and we look forward to being a part of its exciting journey forward.”
Speaking about the development, Aashish Bhinde, Executive Director and Head Digital Media & Technology at Avendus Capital added, “We believe this transaction will enable Quikr, driven by an exceptional founder and backed by an investor group whose combined experience in the global classifieds space is unparalled, to further consolidate its position as India’s leading classifieds platform.” Quikr is a large scale cross-category classifieds business with over 30 million consumers and small businesses across 940 cities using it every month. These consumers come to Quikr 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.
Quikr is India’s leading cross-category classifieds platform that is used by over 30 million unique users a month. It is present in 940 cities in India and operates in over 10 categories that include mobile phones, household goods, cars, real estate, jobs, services and education. Quikr operates across desktop, laptop and mobile phones, and allows consumers as well as small businesses to sell, buy, rent and find things across its multiple categories with great ease. Quikr’s investors include Kinnevik, Matrix Partners India, Omidyar Network, Nokia Growth Partners, Norwest Venture Partners, Warburg Pincus and eBay Inc.
Further information is available at www.quikr.com
Investment AB Kinnevik is a leading, long-term oriented, investment company based in Sweden. Kinnevik primarily invests in consumer centric businesses that provide innovative and value-added technologyenabled services. Our main areas of focus are the Communications, e-Commerce, Entertainment and Financial Services sectors. We own significant stakes in over 50 companies that operate in more than 80 countries across five continents, with a particular emphasis on growth markets. The Kinnevik Group employs more than 90 000 people around the world.
Kinnevik actively supports the companies in which it invests and plays an influential role on their respective Boards. Kinnevik was founded in 1936 by three Swedish families who continue to play a leadership role in the ownership of the Company and in the pursuit of its entrepreneurial ventures. Kinnevik’s shares are listed on Nasdaq OMX Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.
About Avendus Capital:
Avendus Capital is a leading financial services firm which provides customised solutions in the areas of financial advisory, equity capital markets, alternative asset management and wealth management. The firm relies on its extensive track record, in-depth domain understanding and knowledge of the economic and regulatory environment, to offer research based solutions to its clients that include institutional investors, corporations and high net worth individuals/families. In recent years, Avendus Capital has consistently been ranked among the leading corporate finance advisors in India and has emerged as the advisor of choice for cross-border M&A deals, having closed around 38 cross-border transactions in the past 5 years. Avendus PE Investment Advisors manages funds raised from its investors by investing in public markets, while Avendus Wealth Management caters to investment advisory and portfolio management needs of Family offices and Ultra High Networth Individuals / families, spanning all asset classes. Headquartered in Mumbai, the firm has offices in New Delhi and Bangalore.
Avendus Capital, Inc (US) and Avendus Capital (UK) Pvt. Ltd. located in New York and London respectively are wholly owned subsidiaries offering M&A and Private Equity syndication services to clients in the respective regions. Avendus Capital, Inc (US) also provides wealth management services to clients in select jurisdictions in USA.
For more information, please visit www.avendus.com