In April 2008, the company raised $13.5 million in Series B funding from General Catalyst Partners, Bessemer Venture Partners, the Founders Fund, and DN Capital.  The Series A funding was $10 million by the same investors and other angels.  This brings their total funding at $28.5 million.

OLX is not as popular as Craigslist as of right now, but the company is growing in South America, India, China, and the Philippines. This round of funding will be used for additional acquisitions, global expansion, website improvements, and aggressive marketing.

The online classifieds market is really heating up as OLX has raised funding and eBay plans to acquire more companies in this sector in the near future.

The company has raised $13.5 million Series B from DN Capital, Founders Fund, General Catalyst Partners, and Bessemer Venture Partners.  OLX has raised a total of $23.5 million to date.  The same venture capitalists that provided OLX with the second round of funding were also a part of the 1st round.

About 11 months ago, OLX announced a partnership with Friendster.  This was around the same time that Facebook announced that they are launching a classifieds section as well.

OLX is a New York-based private company that launched in March 2006 by Fabrice Grinda and Alec Oxenford.  Fabrice previously started a company called Zingy, a mobile ringtones company–which was acquired by For-Side for $80 million in 2004.

About 1 million new classifieds are added to OLX per month and the website receives over 200 million pageviews per month.   OLX solely depends on Google Ads to make money since adding classifieds are free.

Information Source:
[1] TechCrunch: Craigslist Competitor OLX Raises $13.5M by Mark Hendrickson