CarDekho, an online market for automobiles, has announced that it has secured $110 million in Series C funding round, led by existing investors Sequoia Capital India, Hillhouse and CapitalG.
The new funding round also saw participation from Axis Bank, which is one of CarDekho’s financing partners. The incoming capital will be used by the firm to expand further into financial services as well as market.
The transaction values the company at around $400-500 million, which is just a slight increase compared to the $360 million valuation of the company in its last in 2016.
Amit Jain, chief executive officer and co-founder at CarDekho, said:
Our used engine has scaled up tremendously and has enabled us to incubate allied business like insurance and finance business as they are one of the valuations opportunities ahead of us. The opportunity lies in extending formal credit and insurance coverage to the new-to-formal economy population and will fundraising to be a focus area for us.
CarDekho is the flagship site of parent company GirnarSoft which also operates auto sites such as Zigwheel.com, BikeDekho.com, Gaadi.com Powerdrift. It has also operates other platforms, including CollegeDekho.com, TyreDekho.co. and TrucksDekho.com.
Launched in 2008, Jaipur-based CarDekho serves as an online car search platform for both new and used cars offering expert reviews and price comparisons. The company partners with car manufacturers, car dealers and financial institutions to facilitate vehicle purchases.
Outside India, the company has expanded to SouthEast Asia including markets such as Malaysia, Thailand, and Indonesia with Zigwheels.my, Oto.com and CarBay.my. Within just two years of its launch in Indonesia, the company claims to be the leading car portal in the country.
In India, CarDekho competes with other similar platforms, which include Car Trade ( MXC Solutions Pvt. Ltd), Droom, QuikrCars, OLX, Truebil, and Zoomo, among others.