Online auto marketplace, CarTrade which is owned and operated by MXC Solutions Pvt Ltd, has closed USD 30.2 million funding round led by private equity firm Warburg Pincus. The existing investors Canaan Partners and Tiger Global also participated in the round.
The company aims to utilize the raised funds to expand its offerings across online and mobile platforms, fuel the platform’s growth in the online auto industry, to diversify the company’s offerings for end consumers and dealers and strengthen its marketing efforts, as per a VC Circle report.
Mumbai-based, CarTrade was launched in 2009. It is known for providing a structured platform for buying and selling new and used vehicles. It also plans to focus on the mobile space and provide products and services, said Vinay Sanghi, founder and CEO, CarTrade.
There are other players also included in this space such as CarDekho.com which recently acquired another automobile site, Gaadi.com for an undisclosed amount.
Last month, Warburg Pincus had also invested USD 60 million in Online and mobile classifieds site Quikr, with participation from Tiger Global, Omidyar Network, eBay Inc , Kinnevik, Matrix Partners India, Nokia Growth Partners and Norwest Venture Partners.