After Ratan Tata’s investment in CarDekho.com, another Indian online auto marketplace, CarTrade has now raised an undisclosed amount from former AutoTrader CEO Chip Perry, as per an ET report. In October 2014, CarTrade which is owned and operated by MXC Solutions Pvt Ltd, had closed USD 30.2 million funding round led by private equity firm Warburg Pincus.
Mumbai-based, CarTrade was launched in 2009. It is known for providing a structured platform for buying and selling new and used vehicles. Currently, the company claims to offer more than 143,000 listings of used cars on its platform, also has a used car pricing guide. The firm also has a certification program where car’s present condition is jointly checked by CarTrade engineer and selling dealer and a detailed report is included as part of the listing.
Its rival, CarDekho.com had recently acquired another automobile site, Gaadi.com for an undisclosed amount. Bengaluru-based mobile pear-to-pear marketplace for selling and buying used cars Zoomo received $1 million seed funding from SAIF partners in December 2014.