India-based automotive CarTrade.com has secured $55M in Series G funding thanks in part to contributions from existing investor Temasek. They have not yet revealed the names of the other investors due to a confidentiality agreement.
CarTrade launched an auto finance-as-a-service in October last year, in partnership with banks and non-banking finance companies (NBFC). It enabled them to document and evaluate used cars to enable loans. The capital raised in this funding round will be used by CarTrade for user acquisition to initiate new offerings such as auto financing.
Founder Vinay Sanghi told TheTechPortal.com that the latest round of funding will be used to fincance many different verticals.
“It could be anything — ventures offering unique products or technologies — that can add to the new and used car ecosystem, including car insurance, car servicing, or even in newer technologies,” he said.
Prior to this funding round, the start-up had raised $145 million funding in January 2016, one of the largest funding deals in the country’s online classifieds space. In November 2015, the company had acquired CarWale.com for $90 million in an all-cash deal.