India's Quikr gets $60m from Tiger Global

The deal comes just six months after Quikr raised $90 million in a round led by Sweden's Investment AB Kinnevik. In total the start-up has had six funding rounds, raising an aggregate $200 million since it was set up in 2008.

The latest injection of capital will be put towards product development and further expansion of Quikr's mobile business, according to a statement.

Matrix Partners, Omidyar Network and eBay were the first institutional investors to back the company in mid-2009, putting in just over $4 million. They returned a year later to invest another $6 million, this time with Norwest Venture Partners taking a stake.

In 2011, Norwest committed another $8 million alongside eBay and Nokia Growth Partners. A fourth round came a year later with Warburg Pincus, Matrix, Norwest and and eBay committing $32 million.

Quikr allows users to sell, buy, rent or find products and services across a variety of categories such as electronics and household goods, real estate, automotives, and employment and other services. It currently claims to have over 30 million monthly consumer and small business users in 940 cities.

"The explosive growth in mobile internet is fundamentally reshaping the Indian classified internet market, and we are well positioned to be at the forefront of this growth," said Pranay Chulet, founder and CEO of Quikr.

A recent study released by Google India predicts the country's mobile internet user base will more-than-double to 480 million by 2017 from 155 million at present. Meanwhile, smart phone penetration will grow six times to reach 385 million people and the number of users who transact online will grow to 160 million over the same period.

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• Topics
• South Asia
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• Venture
• India
• Venture
• Tiger Global Management
• TMT
• Consumer