OLX has succeeded to raise $5million in C series funding from different investors including DN Capital, General Catalyst Partners, Founders Fund and Bessemer Venture Partners. During April 08, these guys raised nearly $13.5m in B series funding from the same above stated investors.
In the US, OLX is facing some troubles as they have a strong contender like Craiglist in front, but when it comes to the international market OLX definitely has a sound user base. Currently the site is serving over 87 countries with 39 languages. The site is quite popular in Portugal, South America, India, China, Spain and Philippines.
Credit: OLX boss Fabrice Grinda says that the company will utilize this new investment for new acquisitions, improvements and implementation of the site.
“We are looking to adopt an aggressive marketing strategy for the global expansion of our site,” Grinda added.
OLX also invested some amount in Edeng.cn two years back and acquired Mundoanuncio.com in the same time. The company also joined hands with Freindster in Philippines the same year that proved quite effective for its success in Philippine.
It’s also working in Moscow, Beijing, New York and Buenos Aires and has 125 employees worldwide.
In the US, the site seems to play second fiddle, but with its Web2.0 features like better option for searches, widgets for social networking mobile functionality and interactive maps, it has the pride of 2nd Gen classified free site.
Source: techcrunch
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Tags: dn capital, edeng.cn, founders fund and bessemer, general catalyst partners, global expansion, mundoanuncio, olx, philippine, social networking mobile
i simply like OLX but i am not media person who deliver perfect comments
I have been reading a lot about it, so wanted to share some facts..
The newspapers say that
“OLX is little threat to US online classifieds mogul Craigslist, its recent growth is fueled by lower-income segments, suggesting that with time, it will only grow less appealing for wealthy or upper middle-class consumers”.
With growing popularity in Spain, India, Portugal, Mexico, South America, China, and the Philippines….. The game would soon be over for Craigslist.