CarDekho, the internet car marketplace out of India, is receiving more investor attention lately. The owner of CarDekho, Girnarsoft, has fund raised over $100 million during their most recent investment round.
The investment will be led by Sequoia Capital’s global growth fund, which is pegged at a massive corpus of $8 billion, according to three sources aware of the transaction. Existing investor Hillhouse Capital is also participating in the round, said one of the persons.
The investment values Gurgaon-based Cardekho between $400 million and $500 million, according to the people cited above. The valuation is higher, though not significantly, than the $360 million ascribed to the firm when it last raised capital in 2016.
CarDekho and Sequoia Capital did not respond to email queries sent by ET till press-time.
For its global growth fund, Sequoia Capital has already received commitments worth $6 billion, global news reports had said earlier this year.
CarDekho is one of its earliest investments in India from Sequoia Capital’s global growth fund which is looking to invest in late stage bets in the country along with some in Southeast Asia and the United States.
CarDekho’s investment comes after the firm’s bet on growing allied business verticals such as financing and insurance for the used car segment to churn growth paid off in an otherwise slowing online auto classifieds market in India.
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