Quikr.com, the online classifieds advertisement portal, has received an investment funding of Rs 27 crore from Norwest Venture Partners (NVP), Omidyar Network, Matrix Partners India and eBay Inc.
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Speaking to afaqs!, Pranay Chulet, chief executive officer, Quikr, says, "A majority of the investment will be led by venture capital firm NVP, which is a new investor in Quikr." Omidyar Network, Matrix Partners India and eBay Inc have invested in Quikr again. This is the third time that Quikr has raised money in this manner. So far, various venture capital firms have invested about Rs 50 crore in Quikr.
The company plans to use the money to improve its product offering and brand building activities. Jiby Thomas, co-founder and vice-president, marketing, Quikr.com, points out, "So far, digital marketing was the fulcrum of our brand-building activities. Last year, we tested radio advertising and it worked well for us. This year, we have plans to use more of radio advertisement." Thomas indicates that the company may use print advertisement tactically; while there are no plans to increase digital marketing ad spends.
For the record, Norwest Venture Partners also has investments in Sulekha.com, which also offers classified advertisement services.