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CarTrade, the online automobile classifieds platform, has said it has raised $55 million (Rs 369 crore) led by Temasek, an investment company based in Singapore, alongside a large US family office.
This injection of capital will be used to support CarTrade’s growth plans through acquisitions, expansion into new areas such as auto finance and to further sharpen its services to consumers, dealers and OEMs.
Following the merger of CarTrade with Carwale in January 2016, CarTrade has emerged as India’s largest auto classifieds platform. The combined company has about 15 million customers per month, leadership in both used and new cars and partner with nearly 8,000 new and used car dealer partners. The platforms list more than 200,000 used cars for sale and auctions over 200,000 vehicles to the wholesale market every year, said Vinay Sanghi, Founder and Chief Executive Officer, CarTrade.
He said the funds raised will be used to drive growth through continued focus on strengthening dealer and customer services and evaluating potential acquisitions.
CarTrade is looking at the market for used car finance with less then 8 per cent of used cars sold being financed through an organised financier. To address this opportunity, CarTrade Finance was recently launched with the aim of financing the inventory for car dealers and to consumers who wish to buy used cars, he added.
Existing investors in CarTrade include Warburg Pincus, Temasek, JP Morgan and March Capital.
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