In a first-of-its kind partnership in the Indian auto space, CarDekho.com announced an investment in the company by Ratan Tata, Chairman emeritus of the Tata Sons conglomerate. This comes quick on the heels of the announcement of Series B funding of $ 50 mn from Hong Kong based investors.
Tata has for the first time ever joined hands with an auto portal by investing in his personal capacity. While the investment amount remains undisclosed, Tata will advise company as and when required.
“We are extremely proud and excited to partner with a man of Ratan Tata’s stature, especially considering his contribution to the growth and development of the Indian automobile industry. Following our humble beginning as a small venture in Jaipur, CarDekho has had a very exciting journey to reach this point of recognition and we now have very aggressive plans for developing our business and boosting revenues in the future. We are now another step closer to the group’s vision of becoming a global company through our innovative products and services,” said Amit Jain, CEO and Co-Founder, GirnarSoft said
GirnarSoft, the parent company of CarDekho.com, now valued at USD 300 million, recently concluded its series B funding with a raise of $50 million. The funding was led by Hillhouse Capital with participation from Tybourne Capital and Sequoia Capital.
Cardekho revenue has grown three-fold since 2013 when the company received series A funding of $15 million from Sequoia Capital. The lead generation has been doubling Y-O-Y. CarDekho.com has seen a traffic growth of 45% over previous year and riding high on the company’s growth and expansion plans, it had acquired another automotive portal, Gaadi.com late last year for its used car portfolio, innovation in the segment and talented workforce. The combined volumes of CarDekho.com and Gaadi.com position them as the largest players in online auto classifieds space by revenue and traffic in the country.
“We are currently in the agile mode of expansion and our marketing initiatives are well aligned with our fast paced growth. We would also be looking at doubling our workforce by hiring 1000 more people this year,” said Anurag Jain, COO and Co-Founder, GirnarSoft
The automobile space has created the largest market value among vertical classifieds and globally public and private companies in the space are together valued at over $50 billion.