CarDekho.com, an online platform where you can buy or sell used as well as brand new cars has raised a $50 Million worth Series B round led by Chinese investment management firm Hillhouse Capital and Hong-Kong based Tybourne. CarDekho’s existing investor Sequoia Capital also participated in the round.
CarDekho.com, owned by Jaipur-based Girnar Software Pvt. Ltd. is an online car discovery platform, where in buyers and sellers can purchase or sell used cars. The platform also allows you to have a look at new car prices. The company will be valued in excess of $300 Million post-funding, making it one of the most valued start-up to come out of the state of Rajasthan.
Amit Jain, who is the co-founder at CarDekho said,
We will use the funds for brand building and marketing, besides innovating n the mobile app front, We will also look at acquiring start-ups to enhance our technology platform. Our vision is also to be a company with global footprint through our innovative products and service.
CarDekho claims that its revenues have grown by over three-fold since 2013. The company primarily earns revenues by charging certain percentage of the selling cost which a seller gets, while marketing a used car on its platform. The company had earlier raised a $15 Million Series A round led by Sequoia Capital. Last year, the company had acquired Naspers Group-owned Gaadi.com, another automobile site, for an undisclosed sum.
Since the company aims at acquiring start-ups, we may see a string of small-scale acquisition by Girmar Softwares, in the online used cars market segment. Current major competitors which CarDekho is battling out, include Times Internet’s Zigwheels and Sierra Ventures-backed Carwale among others.
Apart from its primary venture CarDekho, Girmar also runs a similar platform for bikes, called BikeDekho.com. It also runs a similar price comparison engine called PriceDekho.com