Mobile classifieds portal Quikr is close to becoming a billion dollar company after investors pumped in $60 million in secondary sale this month, says a report.
Existing Swedish institutional investor Kinnevik and two new investors have participated in the secondary sale, taking the valuation of the Mumbai-based company to $900 million.
Hedge funds Falcon Edge and Coatue Management are the two new investors that have invested along with Kinnevik.
In a secondary sale, existing investors of a firm sell shares to a new investor or to the promoter at the firm's current valuation, though the firm does not get the money.
For Coatue Management, which manages assets worth $10 billion, the funding marks its first investment in India.
The funding saw its initial investors such as Matrix Venture Partners, Nokia Growth Partners, Norwest Venture Partners, Warburg Pincus and Omidyar Network part-selling their stake for "handsome returns" in secondary sale, The Times of India reports, citing sources close to the development.
The valuation in the secondary sale takes Quickr closer to billion dollar companies, which are known as "unicorns".
The elite group of Internet companies with billion dollar valuation include e-commerce majors Flipkart and Snapdeal, cab aggregator Ola, mobile payment services firm Paytm, analytics services firm Mu Sigma and ad network InMobi.
Quikr declined to comment on the second round of funding.
Kinnevik said that it had invested $20 million in a "secondary share purchase" in Quikr, while announcing its quarterly results. The investment makes Kinnevik the largest shareholder in Quikr.
So far, Kinnevik has invested nearly $84 million in the company, estimating its stake at 18%.
Founded by Pranay Chulet in 2008, Quikr now has a presence in about 900 cities in the country. It enables people to find, buy and sell products and services across categories.
