Mumbai-based auto classifieds portal CarTrade has raised a $55 million in a new round of funding led by Singapore-based investment firm Temasek Holdings. The company, however, did not disclose names of other investors who took part in the new round. It plans to use the fresh funding for acquisitions, expansion into new segments like auto finance and to enhance overall service provided to consumers, dealers, and OEMs. The company had previously raised $145 million from Temasek Holdings, March Capital, and existing investor Warburg Pincus in January last year for expansion of its services. At that time, the CarTrade said that it will use the funds for the acquisition of CarWale, which was announced in November 2015. Both platforms continue to operate independently wherein CarWale focuses on new cars and CarTrade on used car buying and selling. CarWale’s bike retail division Bikewale was moved to CarTrade as a part of the deal. The company had previously raised an undisclosed investment from Chip Perry, the ex-CEO of Auto Trader, and Rs 185 crore in October 2014 from Warburg Pincus, Tiger Global, and Canaan Partners. Currently, the combined entity of CarWale and CarTrade claims to have over 15 million unique users with more than 8,000 new and used car dealers on the platform. Apart from this CarTrade offers vehicle reviews, on-road prices, car comparison features, and news content from the automobile industry. Competition CarTrade competes with services like QuickrCars which offers user cars and bikes classifieds, reviews and relevant content. Similar players include GrinarSoft owned CarDekho, which…
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
Advert
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
News
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
News
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...