Online car portal CarDekho, the Gurgaon headquartered has secured a series C round funding where they pouch a $110 million from the existing backers that include Sequoia India, Hillhouse Capital, CapitalG (Alphabet growth investment arm), and Axis Bank.
The fresh round takes the total amount raised by the company to $177.5 million ever since its inception. The last funding for the company came in March last year where it had secured $2.5 million led by Sequoia Capital. US-based revenue management firm RainMaker Group acted as the sole financial advisor for CarDekho in the deal. The company plans to utilize the freshly raised funds in order to strengthen their insurance, finance, and used car fronts.
Started in 2007 by Amit Jain and Anurag Jain in 2007, the company helps users to check out the prices and compare. Also helps in financing and insurances as well. It also deals in the used car segment. The company is managed by Girnar Software.
Sequoia Capital India Advisors' managing director Shailesh Lakhani commenting on the deal said, “Since Sequoia India’s initial investment, Cardekho has been executing well, and has many existing business lines contributing to their growth."
Hillhouse Capital's David Rhee, a partner at the firm talking about the fresh infusion said, “We look forward to continuing to work with CarDekho’s management team as they leverage their deep knowledge of the sector to better serve India’s growing automotive market.” CapitalG's India investment head Kaushik Anand said that they were impressed with CarDekho's ability to retain their position as a leader in the segment.
The firm claims to get more than 39 million unique visitors on the portal every month. It has almost 2 million subscribers on YouTube and the app of the firm has more than 5 million downloads. It will be interesting to see how the firm continues to hold their position amid a number of competitors in the market like Cars24.
Image Courtesy : Entrackr