Companies

Cardekho raises $70 million in Series D funding from Chinese, European investors

Our Bureau Mumbai | Updated on December 05, 2019 Published on December 05, 2019

CarDekho CEO and co-founder Amit Jain. File Photo   -  BusinessLine

Jaipur-headquartered Cardekho, an auto-tech company, has raised $70 million in Series D funding led by Ping An Global Voyager Fund, an investment arm of Chinese financial services behemoth Ping An.

With this round, the total fund raised by CarDekho stands at about $250 million. Sunley House Capital Management, a subsidiary of global private equity firm Advent International, also participated in the round along with existing investors Sequoia Capital and Hillhouse Capital, the company said in a statement.

For Ping An, who is also the majority shareholder of China’s largest auto portal, this marks its India foray. Sequoia India is one of the early investors in CarDekho having led the Series A round in 2013, it added.

“With the latest fundraise, we will continue to strengthen our domestic and international businesses and will aggressively work towards becoming the largest personal mobility ecosystem in the country,” said Amit Jain, CEO and Co-Founder, CarDekho.

These funds will be used to further strengthen CarDekho’s transaction businesses and expand its international footprint.

The RainMaker Group was the financial adviser to the company.

“CarDekho is at the centre of the car buying ecosystem in India, connecting auto brands, dealers and consumers across the country through its portals,” said Mohammed Anjarwala, a Managing Director at Sunley House Capital Management.

In November, Cardekho group forayed into the Philippines with the acquisition of online car classifieds site Carmudi for an undisclosed sum.

Published on December 05, 2019
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