Online car classifieds portal CarDekho.com has raised $50 million in a new round of funding led by Hillhouse Capital and Tybourne Capital, participation from Sequoia Capital reports the Economic Times. The report adds that CarDekho.com has a post-money valuation of $300 million.
Earlier in 2013, CarDekho had raised $15 million from Sequoia Capital for a reported 20% stake in the company. Amit Jain, co-founder and chief executive officer of CarDekho told the publication the funds will primarily be used for branding and marketing and added that the company is looking at other mergers and acquisitions.
Earlier in September, 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. Ibibo had acquired majority stake in Gaadi.com from Accentium Web* in February 2011.
Parent company, 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. GirnarSoftware also operates bike information portal BikeDekho, 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.
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.