Sweden’s Investment Kinnevik led a group of investors in a $90 million funding initiative for India’s biggest classified ads website Quikr. This is Swedish company’s first investment, as well as the biggest round of funding for an internet services venture, in the country.
Valuing Quikr at over $250 million, the new round of investment is provided by a group which includes eBay, Omidyar Network, Matrix Partners India, Nokia Growth Partners and Norwest Venture Partners.
The family-run investment company Kinnevik often leads international fundings in ventures with a consumer-focus, like classified ad companies, the last of which had been Russia’s Avito, the largest classifieds platform in the country. Kinnevik also backs Berlin’s startup incubator Rocket Internet who is probably responsible for traching Kinnevik a lot about India’s digital markets. It also has investments in e-commerce platforms based in Sri Lanka, Bangladesh and Ghana.
Kinnevik’s market value is estimated to be around $10.6 billion as of today.
Quikr has raised $150 million in seven rounds so far. According to the press release by Kinnevik, Quikr is now the biggest classified ad website in India with over 30 million unique visitors and 100 million pageviews a month.
he number of internet users is expected to increase from approximately 200m today to over 550m by 2018, says the Kinnevik release. Similarly, online retail sales are expected to grow from approximately $2 billion today to $16 billion by 2018.
The investment in Quikr builds on Kinnevik’s existing investments in high growth e-commerce platforms in India and in the largest classifieds platforms in Russia, Sri Lanka, Bangladesh and Ghana.