CarDekho raises USD 70 mn to expand operations

PTI, Dec 5, 2019, 5:27 PM IST

New Delhi: Auto portal CarDekho on Thursday said it has raised USD 70 million (about Rs 500 crore) in Series D funding, led by China’s Ping An’s Global Voyager Fund.

Ping An is one of the world’s largest financial services companies and is also the majority shareholder of China’s largest auto portal Autohome.

Sunley House Capital Management, a subsidiary of global private equity firm Advent International, also joined the funding round along with existing investors Sequoia India and Hillhouse.

“These funds will be used to further strengthen company’s transaction businesses and expand its international footprint,” CarDekho said in a statement.

The company recently started its operations in the second country in Southeast Asia by acquiring the Philippines operations of Carmudi.

CarDekho had launched its Indonesia operations in 2016 under the brand name OTO.com.

“With the latest fundraise, we will continue to strengthen our domestic and international businesses and will aggressively work towards becoming the largest personal mobility ecosystem in the country,” CarDekho CEO and co-founder Amit Jain said.

Sequoia India is one of the early investors in CarDekho, having led the Series A round in 2013.

With this new round of funding, CarDekho has now raised more than USD 250 million.