Online classifieds firm Quikr India Pvt. Ltd has secured Rs 130 crore ($19.4 million) from Brand Capital, the private treaty arm of media company Bennett, Coleman and Co. Ltd (BCCL), Brand Capital has subscribed to 143,000 convertible debentures at Rs 9,038.32 and has bought one share priced at Rs 9,038.32 crore. The private placement offer was circulated on April, 2016.
Quikr has made several acquisitions and strategic investments to build its capabilities across these verticals. So far, it has acquired Commonfloor, a real estate portal; Indian Realty Exchange, a real estate agent aggregator; Salosa, a home beauty services, Hiree, an online hiring portal; and RealtyCompass, a realty analytics startup. It has also invested in a 360-degree street views company called A.N. Virtual World Tech Ltd.
Soon after acquiring Commonfloor, Quikr had fired over 150 Commonfloor employees and later shut down its office in May this year. Earlier this month, Quikr also closed down Flatchat’s office – a rental flatmate-finding application owned by CommonFloor.
The company has raised over $346 Mn in funding till date. The last fund was raised 16 months back amounting $150 Mn (over INR 900 Cr) in Series H round.
Quikr competes with OLX in the online classifieds segment. Founded in 2008 by Pranay Chulet and Jiby Thomas (who later left the firm), the company originally started as Kijiji India and then later rebranded to Quikr. It counts Tiger Global Management, Kinnevik, Warburg Pincus, Matrix Partners India, Norwest Venture Partners, Nokia Growth Partners, Steadview Capital, Omidyar Network and Ebay Inc as investors.
Brand Capital has been investing heavily in startups with its latest investment being in Meru Cabs (Rs 150 crore) in June. The taxi operator said it would use the funds to further strengthen its foothold in the Indian market. Haptik, an instant messenger concierge-like app, raised an undisclosed amount in funding in April from Times Internet.