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CarDekho raises undisclosed amount of funding from HDFC Bank

Car portal CarDekho has raised an undisclosed amount of investment from HDFC Bank, a little over three months after raising Series B funding worth $50 million from Hillhouse Capital, Tybourne Capital, Sequoia and Ratan Tata. The partnership with HDFC Bank will also allow CarDekho’s users to buy a new or used car with possible financing from HDFC. Previously, the company had also raised $15 million from Sequoia Capital for a reported 20% stake in 2013. 75% of CarDekho users opt for loans The car portal expects digital to have a 25% share in auto loan financing in the next 4 years and plans to facilitate auto loans worth a $1 billion through its portal. CarDekho claims to have over 17 million visits to its portal every month and states that the number includes 10 million unique buyers. It also claims that around 75% of its users buying cars on the portal opt for a financing option. CarDekho mentions that that together with Gaadi.com, it has around 5,000 dealer partners. CarDekho launched TyreDekho and Indic language sites This week, CarDekho launched a new platform called TyreDekho, which will provide users with tyre-related research tools, reviews and other content. This will include tyre listings for various cars and bikes sold in India, the information on tyre brands, products, features, pricing and dealers. Last week, CarDekho launched 3 websites in Hindi, Tamil and Telugu languages. Instead of using the Google translate algorithm to translate into multiple languages, the company claimed that it built a…

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I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

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