CarDekho had closed a $110 million Series C round in January of 2019 and was in talks to raise another $100 million from Ping An Group that runs AutoHome in China. While several media reports said that the next round will be in the range of three digits at a valuation of about $700 million, Ping An has invested $25.5 million in the Jaipur-based firm.
According to regulatory filings with the MCA, the company has allotted 24,024 Series D compulsory convertible preference shares to Ping An Global Voyager. Additionally, the company also raised $15.4 million from Lenarco Limited.
Lenarco, a Cyprus based SPV floated by AI Global Investments paid a premium for acquiring the same class of shares. Significantly, CarDekho has raised capital from the middle eastern investment firm at a valuation of $642.8 million. It was valued at around $500 million during its Series C round in July.
This essentially means that CarDekho’s valuation rose by 28.5% in just five months.
As of now, CarDekho has raised over $242 million across five rounds. Early this year, the Amit Jain-led firm had acqui-hired CarBiqi and forayed into the auction model where it will be buying cars from consumers on behalf of dealers. It had also opened over a dozen stores across the National Capital Region (NCR), Bengaluru, Lucknow and Jaipur, among others.
Read more here