Jaipur based Girnar Software which owns CarDekho, BikeDekho and PriceDekho has raised $15 million in Series A funding from Sequoia Capital. As part of the deal, Sequoia Capital India Principal Shailesh Lakhani will be joining the company board.
The company plans to use the investment raised for CarDekho’s expansion plans. It also plans to launch a series of dealer focussed mobile tools & services in the forthcoming months. An improved mobile app is also in the works, which will allow users to instantly click photos, list their used cars, read reviews and connect with new and used dealers.
This follows a Times Of India report from last week which had suggested that the company was planning to raise over $15 million from Sequoia Capital for a 20% stake. However, strangely it had also mentioned that the company was valued over $50 million following this investment round. The company hasn’t disclosed any specific information on this.
Founded in 2007, GirnarSoftware had launched CarDekho in 2008, to provide buyers with information like price comparison, reviews and dealer contacts for various new and used cars along with car finance & insurance options. It also allows users to sell their used cars through free and paid listings priced at Rs 505 (Delhi NCR, Mumbai, Kolkata, Chennai, Bangalore, Hyderabad, Pune) or Rs 335 (Rest of India).
The company claims to have over 25,000 used cars listings across several Indian cities and towns and have tie-ups with over 2,000 new and used car dealers including organized retail used car dealers like Mahindra First Choice and Carnation. It also claims to have 3.5 million unique visitors on a monthly basis.
Besides CarDekho, the company operates bike information portal BikeDekho, mobile information portal MobileDekho and an online price comparison engine PriceDekho. It also provides offshore products and outsourced software development services like enterprise mobility solutions, mobile apps development, e-commerce solutions, web development, testing and QA services among others.
Competition: Cardekho competes with other auto portals like MIH India’s Gaadi.com, Axel Springer’s CarWale, Times Internet’s ZigWheels, India.com’s Oncars.in, Source Interlink Media’s Carazoo and others.
On the other hand, PriceDekho and MobileDekho competes with plethora of price comparison sites like Helion & Accel Partners backed MySmartPrice, Network18’s CompareIndia, BuyingIQ, Buyt.in, CompareRaja, Bearshop, FindYogi, ShoppingWish.in and others. There is also PriceBaba which offers price comparison from offline retailers and JustDial is also planning a price discovery engine.