Investment AB Kinnevik ("Kinnevik") today announced that it has participated in a new funding round in Quikr Mauritius Holding Pvt Ltd ("Quikr"), which operates the leading Indian horizontal classifieds platform Quikr.com.
Kinnevik invested USD 15m in the context of a total raise of USD 60m that included participation from Tiger Global Management ("Tiger") and Quikr's existing shareholders.
The new funding will be used by the company to invest in product development as well as further expansion of its fast growing mobile business.
Lorenzo Grabau, CEO of Kinnevik, commented: "Kinnevik has been delighted with the progress at Quikr since our original investment earlier this year. Like-for-like page views and approved listings have nearly doubled in a short period of time, and the strategic focus on quality of content is enhancing user experience. Our investments in brand marketing, together with product updates, have resulted in enhanced engagement."
He continued: "Our follow-on investment in Quikr reflects our strong belief in the company's strength as a local player with a deep understanding of the rapidly growing market. Kinnevik is pleased to welcome Tiger, another long-term investor in growth markets, as a new shareholder in Quikr."
Quikr is India's leading cross-category classifieds platform and is used by over 30 million unique users a month. It is present in 940 cities in India and operates in over 10 categories that include mobile phones, household goods, cars, real estate, jobs, services and education.
For further information, visit www.kinnevik.se or contact:
|Torun Litzén, Director, Investor Relations||Phone +46 (0)8 562 000 83|
|Chris Bischoff, Group Investment Director||Phone +46 (0)8 562 000 00|
Investment AB Kinnevik is a leading, long-term oriented, investment company based in Sweden. Kinnevik primarily invests in consumer centric businesses that provide innovative and value-added technology-enabled services. Our main areas of focus are the Communications, e-Commerce, Entertainment and Financial Services sectors. We own significant stakes in over 50 companies that operate in more than 80 countries across five continents, with a particular emphasis on growth markets. The Kinnevik Group employs more than 90 000 people around the world.
Kinnevik actively supports the companies in which it invests and plays an influential role on their respective Boards. Kinnevik was founded in 1936 by three Swedish families who continue to play a leadership role in the ownership of the Company and in the pursuit of its entrepreneurial ventures.
Kinnevik's shares are listed on Nasdaq OMX Stockholm's list for large cap companies under the ticker codes KINV A and KINV B.