GirnarSoft, which operates the online car classifieds portal CarDekho.com, has raised an undisclosed amount of funding from Ratan Tata. The financial details of the deal and the percentage of stake remains undisclosed at present.
CarDekho which is now valued at $300 million, had raised $50 million in a new round of funding led by Hillhouse Capital and Tybourne Capital just last month. Previously, the company had also raised $15 million from Sequoia Capital for a reported 20% stake in 2013. Co-founder and CEO of CarDekho Amit Jain, had told the publication then that the funds will primarily be used for branding and marketing and other mergers and acquisitions.
Earlier in September 2014, CarDekho bought Ibibo’s automobile website Gaadi.com for a reported $11 million. Jain had at that time said that both the companies will continue to remain independent and operate as separate businesses. He said that this acquisition will enable them to focus on pre-owned car business which currently accounts for only 10% of their revenues.
Launched in 2008, CarDekho provides buyers with information like price comparison, reviews and dealer contacts for various new and used cars along with car finance & insurance options. The platform currently claims to see over 100 million unique visitors each month. Note that GirnarSoft also operates the bike information portal BikeDekho, the mobile information portal MobileDekho and an online price comparison engine PriceDekho.
– In October 2014, CarTrade.com raised Rs 185 crore from Warburg Pincus, Tiger Global and Canaan Partners. It claims to currently offer more than 100,000 listings of used cars on its platform. It also has a used car pricing guide and and a certification program wherein the car’s present condition is jointly inspected by a CarTrade engineer & the selling dealer and a detailed report is included as part of the listing.
– Bangalore-based mobile peer-to-peer marketplace for buying & selling used cars Zoomo secured $1 million seed funding from SAIF Partners in December 2014.
– Other players in this segment include Axel Springer’s CarWale, Times Internet’s ZigWheels and India.com’s Oncars.in.Warburg Pincus and Tiger Global backed classifieds site Quikr also competes with CarDekho as it features a used car listings section.
Image source: CarDekho