GirnarSoft, the parent behind those plethora of online automobile portals in India (CarDekho, BikeDekho, Gaadi, Zigwheels), recently received an investment from Google Capital with participation from existing investor Hillhouse Capital.
With CarDekho firmly placed as the clear leader in the area of new and used auto solutions in India, a major part of the new funding will be used to further bolster technology, R&D, and expansion within and outside of India. The Rainmaker Group (TRMG) acted as the exclusive financial advisor to Girnar Software for this transaction.
Having launched its services beyond Indian borders with the launch of CarBay.com in Malaysia, Thailand, Vietnam, Philippines and Indonesia, Girnar Software will be looking to consolidate its presence in India as well as other emerging economies in Asia and the Middle East.
Speaking on the investment, Amit Jain, co-founder and CEO, Girnar Software, commented,
Google Capital is one of most respected growth equity investors in the world and brings to us the resources and expertise from the one of the most valuable technology companies on the planet. Having them on our shareholder roster encourages us to keep raising the standard of our tech offerings as we create the premier automotive digital destination for the emerging markets.
This also marks the fourth investment of late-stage growth VC fund Google Capital in Indian startups since it opened its India office last year which was its first office outside the US.
Explaining their decision to invest in Girnar Software, David Lawee, Partner, Google Capital, said,
We’re very excited to be investing in Girnar Software, the parent company of India’s leading auto portal, CarDekho.com. We hope that through our investment and ongoing support, we’ll help them cement their position in India, as the destination for all car related information and transactions, and grow into new markets regionally and globally.
Before the current round, last year, Girnar Sofware had raised $50 million at a $300 million valuation from Hillhouse Capital, with participation from Sequoia Capital and Tybourne Capital. Later that year, HDFC Bank and Mr. Ratan Tata also invested undisclosed amounts in the company.
Girnar Software also acquired a number of companies in 2015, most notable being its competitor Zigwheels.com after the acquisition of another rival Gaadi.com in 2014. In addition to these, it acquired price comparison platform BuyingIQ
It also bought Drishya360s in December 2015 to build interactive virtual reality technology and augmented reality platform for CarDekho, Gaadi, BikeDekho, and other platforms.