Online car dealer, CarDekho, has raised $110 million (Rs 7,71,65,00,000) in a Series C funding round from existing investors Sequoia India, Hillhouse Capital, Capital G (Alphabet’s growth investment arm) along with Axis bank.
Earlier, the company owned by Girnar Software Pvt. Ltd raised $75 million over three funding rounds.
Tybourne Capital, Ratan Tata, HDFC bank, Times Internet, Dentsu and Trifecta Capital are the existing investors, while, Rain Maker group acted as the financial advisor to CarDekho for the transaction.
Reportedly, this new investment is among the biggest for a Series C funding round for a business to consumer startups and in the automobile segment.
The company aims to use the funds on the used-cars segment and include car insurance arm of the company insuranceDekho.com and other financial services.
“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 largest opportunities ahead of us. The opportunity lies in extending formal credit and and insurance coverage to the new-to-formal economy population and will continue to be a focus area for us,’ said Amit Jain, chief executive officer and co-founder at CarDekho was quoted in a report.
CarDekho was launch over a decade ago in 2008 which is one of the popular online car search platforms for both new and used cars offering expert reviews and price comparisons.