Classifieds Portal Quikr Raises $8 Million, Funding Round Led by Nokia Growth Partners
Quikr, a horizontal classifieds player, announced today the completion of a USD 8 million round for Quikr Mauritius (a holding company of Quikr India) led by new investor, Nokia Growth Partners (NGP), and returning investors, Norwest Venture Partners and eBay Inc.
Quikr offers a web and mobile based classifieds platform that addresses a wide variety of local needs in 40 cities across India. The company claims more than 10 million visitors continues to see rapid growth in the number of buyers and sellers on its platform.
In the month of March, 2010, Quikr raised USD 6 million (led by NVP) and $4.5 million in July of 2009 (by Matrix Partners and Omidyar Networks). This takes the total fund raised to $18.5 million.
What’s your take on Quikr’s free ad posting model? Is it sustainable? Can they really rely on Google Adsense for monetization? Apart from adsense, the company also charges for lead generation to businesses, but is this model really worth more than $30 million in valuation (assuming Quikr’s valuation to be more than $30mn)?
What’s your opinion?