CarDekho Raises $110 Million to Expand Used Car Business

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Cardekho.com, the Jaipur-based automobile classified portal has now secured $110 Million in the funding round of Series C from Hillhouse, CapitalG (the investment arm of Alphabet), Sequoia India, and Axis Bank.

CarDekho is reportedly planning to utilize the new funds in the used car business, as well as in finance and insurance verticals. With the latest funding, the company’s total funding now stands at $185 million.

The startup works directly with more than 8 car and bikes manufacturers, which constitute about 15-30% of their combined annual sales.

The company presently works with 5000 dealerships across the country. Further, it has collaborated with more than 10 financial institutions across the country, in order to facilitate the financing of used cars.

The startup which was launched in 2008 by Anurag Jain and Amit Jain now has its presence in countries like Indonesia and Malaysia under the brand names of ZigWheels and OTO. In Indonesia, it is known as OTO. The company is currently valued at $500 Million (approximately).

Talking about CarDekho, Mr. Jain said, “Our used-cars engine has scaled up tremendously and has also enabled us to incubate allied businesses like insurance and finance as they are one of the largest opportunities ahead of us,”

Picture Credits: CarDekho

Source: Techstory

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