Close on the heels of Ratan Tata’s investment in CarDekho.com, Mumbai-based auto classifieds website CarTrade.com has raised an undisclosed investment from Chip Perry, former founding chief executive of Auto Trader, the largest online auto classifieds company in the US, reports the Economic Times.
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.
– Apart from, Ratan Tata’s nvestment in CarDekho.com, the website also raised 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. The company is now valued at $300 million.