Auto hunt platform CarDekho on Wednesday said it has raised$ 250 million ( around Rs crore) at a valuation of$1.2 billion The Jaipur- grounded establishment said it has raised$ 200 million in Series E backing and$ 50 million debt in its pre IPO round With the rearmost fundraising, the company joins the unicorn club with a valuation of$1.2 billion and becomes the first unicorn grounded in Jaipur, Rajasthan, it noted.
It’s the largest ever fundraise by CarDekho and the proceeds will be used to accelerate growth in the habituated auto deals, fiscal services and insurance businesses, make robust product and technology functions, increase brand mindfulness, and expand into new requests, it added The new fundraise will help us expand our habituated auto deals and fiscal services businesses. The trust and conviction of our investors will help us to accelerate our growth plans whilst we give our guests with an experience that will continue tore-define auto buying and selling,”CarDekhoco-founder and CEO Amit Jain said in a statement.
CarDekho presently buys buses from guests in further than 100 requests and has a roster of over pukkapre-owned buses for online purchase The company will be expanding its habituated auto retail deals business geographically and is set to increase its roster to buses in the near future The company said it plans to expand across India with retail capitals that will concentrate on both used auto buying and certifiedpre-owned auto retail deals with guests CarDekho presently operates in India, Indonesia and Philippines and aims to use the finances to expand internationally.
The company’s bus andnon-auto products are presently used in further than 30 countries encyclopedically.
The rearmost backing round was led by LeapFrog Investments, a global impact investor concentrated on fiscal services and healthcare access Other new investors who shared included US grounded Canyon Mates, Mirae Asset, Franklin Templeton and Harbor Spring Capital CarDekho’s being investors Sequoia Capital India and Sunley House invested further, reaffirming their confidence in the company.
Sequoia Capital India was one of the early investors in CarDekho having led the Series A round in 2013 and Series C round in 2018 We anticipate the business to continue on its rapid-fire growth line thanks to the class of the platoon and the extraordinary winds which this member now enjoys from adding formalisation, digitisation and translucency,”LeapFrog Investments Partner andCo-Head of South Asian Investments Stewart Langdon stated. CarDekho said Numis and Credit Suisse acted as the fiscal counsels for the fund rise exertion.
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