Navigate this market better. Subscribe for FREE stock alerts and information.

Wednesday, September 17, 2014

Tiger Global leads $60 million investment in India's Quikr, (NASDAQ: EBAY)

Indian online classifieds portal Quikr has secured $60 million from backers led by U.S. investor Tiger Global Management LLC to boost product development and expand its mobile business, the company said on Wednesday. Indian online businesses, especially e-retailers, have been a favourite for global investors who are betting on the segment's growth in a country which already has the world's third-largest population of Internet users, even though less than a fifth of its 1.3 billion people have access to the web.Tiger Global - part hedge fund, part private equity - is one of a growing number of Wall Street financiers eyeing technology start-ups who have yet to list on the market.It is a new investor in India's Quikr, which said current investors had also participated in the latest fundraising. These include Warburg Pincus, Omidyar Network, eBay Inc, Kinnevik, Matrix Partners India, Nokia Growth Partners and Norwest Venture Partners.India's Internet use is growing fast, particularly as cheaper smartphones boom. Rising income levels and a young population have also fuelled a surge in the e-commerce sector.

eBay Inc., is a global technology company. The Company enables commerce through three reportable segments: Marketplaces, Payments, and GSI. Shares of EBAY traded higher by 0.02% or $0.01/share to $51.62. In the past year, the shares have traded as low as $48.06 and as high as $59.70. On average, 12400500 shares of EBAY exchange hands on a given day and today's volume is recorded at 2513755.