CarDekho raises $70 million in Series D funding round
What's the story
CarDekho, a Jaipur-headquartered company providing enterprise mobility solutions as well as a platform to buy/sell used vehicles, has raised $70 million in a Series D round of funding. The investment was led by Hong Kong-based Ping An's Global Voyager Fund, along with participation from Sunley House Capital Management and existing investors Sequoia India and Hillhouse. Here are the finer details.
CarDekho
CarDekho: A one-stop shop for all automobile related queries
Founded in 2008 by Amit Jain and Anurag Jain, CarDekho offers a digital platform for searching about cars and buying and selling used ones. It provides all the information related to automobiles, starting from launch-related news to detailed specifications and options for comparing different car models. CarDekho is a wholly-owned subsidiary of GirnarSoft and has sister platforms like BikeDekho and InsuranceDekho.
Quote
Here's what Amit Jain, CEO of CarDekho, said
"As a leading full-stack auto-tech company in India, we at CarDekho are committed to helping consumers throughout their car buying and selling journey," said Amit Jain, the CEO of CarDekho, while talking about the latest fund-raise. He further added, "Our unique automobile ecosystem helps us provide compelling value propositions to the consumers and engage with them through our various transaction models at one platform."
Future plans
How CarDekho will utilize the fresh funds?
Notably, CarDekho will use the fresh funds to expand its footprint in international markets, scale up its transaction business, and hire more people. "With the latest fund-raise, we will continue to strengthen our domestic and international businesses and will aggressively work towards becoming the largest personal mobility ecosystem in the country," Amit added while talking about their future plans.
Investment
$250 million raised by CarDekho so far
Before this round, CarDekho had raised $110 million in a Series C round in January this year. And, with the inclusion of this investment, the total capital raised by the company stands at more than $250 million, while the valuation has gone over $500 million. Its backers include giants like Sequoia India, Trifecta Capital, Hillhouse, and popular industrialist Ratan Tata.