OLX, a free online classifieds website has raised a $5 million third round of funding from Nexus Capital India, according to this report.

The classifieds site is basically what Craigslist is here in the US, but for the rest of the world.  It's currently used in 40 countries and in 15 different languages.  

Some of OLX's features include: allowing users to design their own listings with colors, display listings on social networking profiles including Facebook and MySpace, and has a buying and selling community.  

The New York based company was founded in 2006 and plans to use the funding to make new acquisitions, improve its site and expand globally.