Auto classifieds portal, CarDekho has raised USD 50 million in a fresh round of funding from Chinese funds Hillhouse Capital and Tybourne Capital with participation from Sequoia Capital, which had picked up a 20 percent stake in the company when it invested USD 15 million in 2013. The new funds will be used towards brand building and marketing.
“We will consider acquisitions as well, and have held talks with other startups that we feel can enhance our technology platform,” said Amit Jain, co-founder and chief executive at CarDekho.
It was founded in March 2008 by IT company Girnar Software, which now has several other similar ventures including BikeDekho, PriceDekho, and MobileDekho. In September 2014, CarDekho acquired auto portal Gaadi owned by the Ibibo group.
CarDekho is Indian online marketplaces for buyers and sellers of new and used vehicles. The portal also has car news, photos, video galleries, vehicle specification and so on.
CarDekho is directly competes with auto classified websites such as Tiger Global and Warburg Pincus-backed CarTrade.com and Carwale.com, as well as with multi-category classifieds sites, such as Naspers-backed OLX and eBay-backed Quikr. CarTrade had earlier raised USD 30 million funding round led by private equity fund Warburg Pincus, Canaan Partners, and Tiger Global.