CarDekho did not reveal its valuation post the latest round of funding but people aware of the development said it is valued at over $650 million.
Online automobile portal CarDekho has raised $70 million (Rs 500 crore) in its Series D round of funding led by Hong Kong-based growth-stage investor Ping An Global Voyager Fund, taking the total funding to over $250 million.
Sunley House Capital Management, a subsidiary of global private equity firm Advent International, also participated in the round along with the company’s existing investors Sequoia Capital India and Hillhouse Capital. Ping An is a majority shareholder in Autohome, China’s leading automobile website.
CarDekho did not reveal its valuation post the latest round of funding but people aware of the development said it is valued at over $650 million. The company sells both new and used cars on its platform, and has seen interest from various investors as used car sales continue to grow more than the new ones. Estimates by CarDekho show sales of used cars in FY19 were 40 lakh, higher than new car sales of around 33 lakh units.
Amit Jain, CEO and co-founder, CarDekho, said its ecosystem helps to engage with customers through various transaction models at one platform. “With the latest fundraise, we will continue to strengthen our domestic and international businesses and work towards becoming the largest personal mobility ecosystem in the country,” Jain said.
The company recently started its operations in the second country in Southeast Asia by acquiring the Philippines operations of Carmudi, a leading new auto player. CarDekho launched its Indonesia operations in 2016 under the brand name OTO.com.
Owned by Girnar Software, CarDekho had raised its Series C round in January this year from investors led by Sequoia Capital and private-sector lender Axis Bank. CarDekho, which claims to have clocked a 92% growth in H1FY20 revenue at $28 million, works with over 4,000 new auto dealerships and 3,000 used car dealers across India.