Add TechGraph on Google
InnoVen Capital, a debt venture on Thursday, announced that it had invested Rs 55 crore (approx $7.5 million) in online classified company Quikr.
The deal had come at a time when the company was planning to raise $150 million from the venture capital.
Commenting on the recent funding, InnoVen Capital India, CEO, Ashish Sharma said that “Quikr has showcased strong momentum, with improving unit economics and is positioned well to harness the benefits of scale and large base.”
Quikr in its statement said that “the company will use the round debt fund for scaling its businesses across it multiple verticles.”
Rahul Tewari, chief financial officer, of Quikr said “With 95% revenue growth in FY18 and continued momentum in the first two-quarters of FY19, each of our verticals is strengthening by the day. As a business, we continuously look to optimize our capital structure and saw a perfect fit in venture debt to support the growth of our transaction businesses.”
Valued at $1billion, Quikr operates in five verticals, spread across, real estate, automobiles, education, jobs, and good sectors.