India classifieds platform raises $28m from GIC, Norwest
Singapore’s GIC Private has led a Series C round of funding worth INR1.75 billion ($28 million) for Sulekha.com, an India-based classifieds platform based in India. Existing investor Norwest Venture Partners (NVP) also participated.
Sulekha's platform connects about 20 million online users with local businesses across more than 800 categories, including computer training, serviced apartments, babysitting and yoga lessons. The start-up now has 14 offices nationwide.
"Less than 10% of local businesses in India have ever advertised, according to recent estimates. Sulekha is seizing an enormous opportunity in transforming how businesses find local customers and grow and we look forward to significant scale ahead," said Promod Haque, senior managing partner of NVP, VCCircle reported.
The company raised a Series A round in 2006 from NVP, and then a $6.5 million Series B round from Japanese firm Mitsui Global alongside NVP.
The new capital will be used to develop mobile technology, expand mobile services into additional categories and cities, and for branding and marketing.
Last month, industry peer Quikr raised a $150 million in a round led by existing investor Tiger Global Management. The round also included previous backer AB Kinnevik - which contributed $40 million - and new Hong Kong-based investor Steadview Capital.
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.