Quikr raises $3 mn debt from Trifecta Capital

Quikr raises $3 mn debt from Trifecta Capital

Bengaluru-based online classifieds platform Quikr India has raised $3 million (Rs 20 crore at the current rate exchange rate) in venture debt from Trifecta Capital.

Quikr raised funds in May 2019 from the Mumbai-based venture debt firm, according to the company’s filings with the Registrar of Companies.

The filings also showed that the company has raised around $100,000 (Rs 68.5 lakh) from individuals by issuing compulsorily convertible debentures.

The investors included Livspace co-founders Anuj Srivastava and Ramakant Sharma, Taxiforsure co-founder Raghunandan G, and Ritesh Banglani and Alok Goyal, partners at venture capital firm Stellaris Venture Partners.

E-mail queries sent to Quikr seeking more information in this regard did not elicit a response at the time of filing this report.

Founded in 2008, Quikr has so far raised a little over $350 million (Rs 2,412 crore at the current exchange rate) from investors like Tiger Global Management, Kinnevik AB, Warburg Pincus, Matrix Partners, Norwest Venture Partners, eBay, Nokia Growth Partners and Omidyar Network. 

It's last known major funding round was in 2015 when it raised $150 million (Rs 900 crore then) from Kinnevik, Tiger Global and Steadview Capital at a post-money valuation of nearly $1 billion (Rs 6,219 crore then).

The development also comes three months after it acquired online second-hand goods marketplace Zefo in an all-stock deal, reportedly pegged at Rs 200 crore (approximately $28.5 million).

In December 2018, Quikr had also raised Rs 55 crore (around $8 million then) in venture debt from InnoVen Capital.

For the financial year ended March 2018, the company reported a 95% increase in operating revenue and narrowed its net loss.