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Warburg Pincus leads $32m funding round for India’s Quikr

23 May 2012

Global buyout house Warburg Pincus has led a $32m financing round in Indian internet and mobile-based classifieds company Quikr.

Existing investors Matrix Partners India, Norwest Venture Partners and eBay also took part in the funding round, which is the fifth and largest provided to the business.

Quikr claims to be India’s largest horizontal classifieds platform with about 17 million individuals and small businesses using it across 83 cities each month.

Warburg managing director Nitin Nayar said, “We were impressed by the dynamism and the vision of Quikr’s management team to further build on Quikr’s leadership position as an innovative online marketplace.

“Globally, Warburg Pincus has been a leading investor in the technology, media and telecommunications sectors for more than 25 years.

“We look forward to working closely with the management team to build on the company’s success and accelerate its growth plans.”

The firm said it believes the next decade is poised to present tremendous growth in the Indian internet sector.

Quikr co-founder and CEO Pranay Chulet said, “In the initial rounds of fund raising, we have already attracted some of the best investors across the globe.

We are delighted to have a strategic partner like Warburg Pincus as we continue our journey forward.

The current round, which is our largest to date, will enable us to diversify our offerings across both online and mobile platforms, intensify our product development efforts and further strengthen our marketing capabilities.”

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