India-based online classified listings company Quikr has secured $60m of series G funding from a range of investors including e-commerce company Ebay and smartphone maker Nokia, Reuters reported on Wednesday.
Investment firm Tiger Global Management led the round, which also included existing backers Ebay, Nokia, which invested through its Nokia Growth Partners subsidiary, Warburg Pincus, Omidyar Network, Kinnevik, Matrix Partners India and Norwest Venture Partners.
Quikr operates as a community classified listings site, similar to Craigslist in the US or Gumtree in the UK. It will put the new capital towards enhancing its product development, particularly with regard to its mobile business.
Quikr has now raised almost $200m in total, including $90m as recently as March this year, when Kinnevik led a round that included Ebay and Nokia.
The funding comes at a time when India’s e-commerce sector is growing at a rapid rate, and other companies in the sector, such as Flipkart and Snapdeal, are raising considerable amounts of money at large valuations.
Quikr is currently at a level below those firms, but a second large round in a six-month period could signal that it is ready to make a step up.