Retail

CarDekho raises $70 million in new funding round led by Ping An Global Voyager Fund


NEW DELHI: Girnar Software, which owns and operates auto portal CarDekho.com, has raised $70 million (about Rs 500 crore) in a fresh round of financing from a clutch of new and existing investors, including, Global Voyager Fund, an investment arm of Chinese retail financial services giant Ping An.

Sunley House Capital Management, a unit of private equity firm Advent International, has also come on board as an new investor in the Series D round of funding, which has also seen participation from CarDekho’s existing backers, Sequoia Capital India and Hillhouse Capital.

The Jaipur-headquartered company has now raised a shade above $250 million in financing. The RainMaker Group acted as the sole financial advisor to CarDekho, which also counts CapitalG, HDFC Bank, Axis Bank, Times Internet, Trifecta and Ratan Tata as investors.

“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,” Amit Jain, chief executive of CarDekho, said in a prepared statement.

The 12-year-old company, founded by brothers Amit and Anurag Jain, has also been establishing its footprints outside its home market, having launched its Indonesian operations in 2016, under the brand name OTO, while entering Philippines last month, having acquired the country operations of Carmudi.

“We have been extremely impressed with the business CarDekho has built in India, particularly its success in developing different types of financial services offerings to address car buyers’ needs,” Donald Lacey, managing director Ping An Global Voyager Fund, said in the official statement.

The announcement comes at a time when India’s broader online auto classifieds sector has been raising significant amounts of financing from risk capital investors.

In October, ET reported that Gurgaon-based online used car marketplace Cars24 had closed a $100 million equity financing round from investors, which included Unbound, the London-based investment firm founded by Bharti Airtel scion Shravin Mittal and New York-based investment firm Moore Strategic Ventures.

Separately, Droom Technology, an automobile marketplace and auto services company, is currently on the road to raise $200 million in its latest funding round, potentially valuing the venture at more than $1 billion.

Established in 2017 by Ping An Insurance (Group) Company of China, which is also is the largest stakeholder in China’s largest online car buying platform Autohome, the Ping An Global Voyager Fund is a Hong Kong-based investor in growth stage fintech and health-tech companies.

It typically invests between $15-$50 million in non-control positions in companies where an affiliation with Ping An is likely to create significant mutual value over time, the official release stated.





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