CarTrade, the Mumbai-based auto classifieds website, has raised $145 million in a round of funding from Temasek Holdings, March Capital and existing investor Warburg Pincus, reports ET. The company will use the funding for expanding its services and acquisitions in the new and used cars spaces.
CarTrade had previously raised an undisclosed investment from Chip Perry, the former founding chief executive of Auto Trader, an online auto classifieds company in the US. In October 2014, it had raised Rs 185 crore from Warburg Pincus, Tiger Global and Canaan Partners. At that time, it claimed to have over 100,000 listings of used cars on its platform.
CarWale acquisition: Interestingly, CarTrade mentions that it will also use the funds to pay for the acquisition of CarWale for ~$90 million from Axel Springer, which was primarily made in cash in November. Post acquisition, both platforms would operate independently where CarWale would focus on new cars and CarTrade on used car brands. CarWale’s bike retail division Bikewale also moved to CarTrade as a part of this deal.
Developments in online automobile space:
– Earlier this month, GirnarSoft, the parent company of CarDekho, BikeDekho, Gaadi, Zigwheels, BuyingIQ and Drishya360s, said it plans to launch multiple automobile verticals including ones for batteries, light commercial vehicles, insurance and hyperlocal roadside assistance services in the next 3-4 months.
– In September, car portal CarDekho acquired the Times Internet* owned auto portal Zigwheels. Zigwheels would operate as an independent entity under the group. Zigwheels saw an estimated 8 million monthly visits, while CarDekho saw around 25 million monthly visits, including traffic to Gaadi.com, which CarDekho acquired in September last year.
– In August, Quikr launched QuikrCars where users could search for and buy new and used cars, bikes and other vehicles like trucks by budget.
– In July, Bangalore-based GoZoomo (previously known as Zoomo) raised $5 million in funding from existing investor SAIF Partners.
– In the same month, Prashan Agarwal, the former co-founder of online real estate services portal PropTiger, launched a peer-to-peer transaction marketplace called 19miles for buying and selling used cars. The startup also secured a Rs 2.5 crore funding from an unnamed angel investor.