Sunley House Capital Management, a subsidiary of private equity company Advent International, also participated along with previous investors Sequoia India and Hillhouse.
Ping An is one of the biggest financial services companies and is the majority shareholder in Autohome, the biggest car portal in China.
CarDekho has now fund raised around $250 million after this new funding round ended.
With this new capital, the company aims to bolster its transaction business while growing its international influence.
The company also recently launched within the Philippines after it purchased used vehicle retail platform Carmudi. CarDekho was founded in 2016 in Indonesia as OTO and soon became the top portal within the country.
CarDekho has focused on converting its auto ecosystem towards digital within India as it focuses on creating an environment toward allowing consumers to easily buy their car.
The company is already working with around 4,000 new car dealerships and 3,000 used car dealerships throughout India which accounts for around 42% of retail sales. Auto and motorcycle manufacturers involved with CarDekho count for 15-30% of the company's partner manufacturer yearly sales.
CarDekho also teams with over ten different financial institutions and 18 insurance companies throughout India that are used to help in used car financing and insurance services to help offer a better overall buying experience.
Recently, the company announced some financial results with an overall revenue increase of 92% at around $28 million. Even as car sales are slowing throughout India, CarDekho's newest segment has seen a 30% growth. Insurance and warranty business increase 525%, used car business went up by 120%, and the financial services business grew by 135%.
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