Indian car loan market is worth Rs.80,000 crore and HDFC Bank is a leader with 35% market share.On its part, CarDekho dominates the online car research market.
Close on the heels of securing Series B funding of $50 million from Hill House Capital, Tybourne Capital, Sequoia and Ratan Tata, Cardekho.com has announced an investment in the company by HDFC Bank.
” Our vision is for every car buyer in this country to have a pre-approved loan before they even finalise the vehicle that they are seeking. We hope to work with HDFC Bank to re-define how consumers avail new and used car loan finance,” said Amit Jain CEO, Girnarsoft.
Indian car loan market is worth Rs.80,000 crore and HDFC Bank is a leader with 35% market share.On its part, CarDekho dominates the online car research market with over 17 million visits on its portal every month which constitutes 10 million unique buyers. Further, close to 75% of the car buyers on CarDekho opt for a financing option. CarDekho and its subsidiary Gaadi have nearly 5,000 dealer partners and reportedly have the largest pan-India car dealer footprint amongst all auto portals.
“In Car Dekho and Gaadi, we see an integrated business across new cars and used cars. It is led by a passionate team, determined to provide one stop car purchase solutions to Indian car buyers,” said Rakesh Singh, Group Head, Investment Banking, Capital & Commodity Markets, HDFC Bank.
“This investment by HDFC Bank is a validation of CarDekho’s leadership as a destination for car buyers and the enabling role we can play,” said Umang Kumar, President, CarDekho and CEO, Gaadi.com.