Innoven Capital invests Rs 55 crore venture debt in Quikr

Priyanka SahayMoneycontrol News  

Venture debt firm Innoven Capital on Friday said it has invested Rs 55 crore in Quikr India Pvt Ltd, which runs online classifieds and services portal. The investment comes at a time when the company is looking to raise $150 million from venture capital firms.

"Pranay (Chulet) and the Quikr team have built some market leading vertical platforms, all of which have significant runway for growth.  The company has showcased strong momentum, with improving unit economics and is positioned well to harness the benefits of scale and large customer base," said Ashish Sharma, CEO, InnoVen Capital.

Valued at $1.6 billion, Quikr has a presence across sectors such as real estate, automobile,, jobs and services. It  claims to have 30 million monthly unique visitors.

The company now also delivers end-to-end transactions for its customers across areas such as cars and bikes, electronics and furniture, beauty, and home services.

“With 95% revenue growth in FY18 and continued momentum in the first two quarters of FY19, each of our verticals are  strengthening by the day. As a business, we continuously look to optimise our capital structure and saw a very good fit in venture debt to support growth of our transaction businesses," said Rahul Tewari, chief financial officer, of Quikr.

So far Quikr has raised a total equity of $350 million from investors such as Tiger Global, Kinnevik, Warburg Pincus, Matrix Partners, Norwest Venture Partners, eBay, Nokia Growth Partners and others.