CarDekho, a vehicle search platform out of India, fund raised $110 million during a Series C round with a company evaluation around $400-500 million. Using these new funds, CarDekho will improve their transactions like insurance and financing as well as a new focus onto used cars.
Users search CarDekho to find new and used cars. And users also compare prices and review cars on the site as well. CarDekho partners with car makers, dealerships, and financial institutions to facilitate vehicle sales.
Currently, CarDekho works with over eight automakers and contributes between 15%-30% in combined annual sales. So far, CarDekho has partnerships with 5,000 dealerships in India.
Existing investors such as Sequoia India, Hillhouse Capital, Capital G, and Axis Bank participated in this round. Owned by Girnar Software Pvt. Ltd, CarDekho previously raised $75 million in funding across three funding rounds according to LiveMint. Some of the company’s other investors include Tybourne Capital, Ratan Tata, HDFC Bank, Times Internet, Dentsu, and Trifecta Capital.
“Our user engine has scaled up tremendously and has enabled us to incubate allied business like insurance and finance business as they are one of the largest opportunities ahead of us,” said CarDekho CEO and co-founder Amit Jain in a statement via LiveMint. “The opportunity lies in extending formal credit and insurance coverage to the new-to-formal economy population and will be continue to be a focus area for us.”
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