Brand Capital, a corporate venturing subsidiary of media group Bennett, Coleman and Co (BCCL), has invested Rs 1.3bn ($19.4m) in India-based online classified listings platform Quikr, LiveMint reported yesterday.
The capital was provided in the form of convertible debt, according to a regulatory filing. Brand Capital, an ad-for-equity unit, made the investment as part of a deal that will involve it carrying advertising for Quikr in its newspapers and websites, according to two people aware of the development.
Quikr runs a classified listings platform focusing on vehicles, property, jobs, services and second hand goods, and is looking to grow quickly through strategic investments. It paid between $100m and $120m to buy real estate listings platform CommonFloor in January this year and jobs platform Hiree last month.
The company had previously raised almost $350m in funding, including a $150m round closed in April 2015 backed by investors including Steadview Capital, Tiger Global Management and Kinnevik that reportedly valued it at either $900m or $1bn.
Nokia Growth Partners, the corporate venturing arm of communications technology producer Nokia first invested in Quikr as part of an $8m series D round in 2011, coming back for a $32m round the following year and a $60m round in 2014, both of which included online auction platform eBay
Other investors in Quikr include Warburg Pincus, Omidyar Network, Matrix Partners India and Norwest Venture Partners.