Companies

CarDekho becomes Jaipur’s first unicorn, raising $250 million funding

Our Bureau Mumbai | Updated on October 13, 2021

Used car selling platform wants to enter new markets in India and overseas

CarDekho, a used car selling platform, has announced a $250-million round of funding, including $200 million Series E equity and $50 million debt, in its pre-IPO round. Now valued at $1.2 billion, CarDekho becomes the first unicorn based in Jaipur, Rajasthan.

This is its largest fundraise, the company said, and will be used to grow its used car business, financial services and insurance businesses, build product and technology functions, increase brand awareness, and expand into new markets.

CarDekho currently buys pre-owned cars from customers in more than 100 markets and has 3,000-plus cars available for online purchase. The company wants to enter more markets and increase its catalogue to 10,000 cars in the near future.

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Currently present in India, Indonesia and the Philippines, it aims to expand internationally too.

Amit Jain, co-founder and CEO, CarDekho, said, “CarDekho, from being a car research portal, has evolved to become a complete ecosystem for car buying, lifecycle management and selling. We are committed to empowering our customers and providing them with a convenient and hassle-free experience.”

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The funding round was led by LeapFrog Investments, which is focused on financial services and healthcare access. Other new investors included US-based Canyon Partners, Mirae Asset and Harbor Spring Capital. CarDekho’s existing investors Sequoia Capital India and Sunley House invested further. Sequoia Capital India was an early investor, leading the Series A round in 2013 and Series C round in 2018.

Published on October 13, 2021

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