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GirnarSoft raises undisclosed funding from Google & Hillhouse Capital

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Girnar Software, the parent company of CarDekho, Gaadi and Zigwheels, has raised an undisclosed amount of funding from Google Capital and participation from existing investor Hillhouse Capital. It will use the funds for technology, R&D and expansion within and outside India.

The company is looking to consolidate its presence in India as well as other markets in Asia and the Middle East. In a press statement, David Lawee, Partner, Google Capital, said, “… We hope that through our investment and ongoing support, we’ll help them cement their position in India, as the destination for all car related information and transactions, and grow into new markets regionally and globally.”

Previous funding: In April 2015, the company raised an undisclosed amount of investment from HDFC Bank, about three months after raising Series B funding worth $50 million from Hillhouse Capital, Tybourne Capital, Sequoia and Ratan Tata. It also raised a Series A funding worth $15 million from Sequoia Capital in November 2013.

New auto portals: In January, the company said that it had 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. GirnarSoft’s new and old products would transition from being content platforms to ecommerce platforms, while it planned to expand to the Middle East and African regions, and take its new platforms there.

Acquisitions:

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– In December, GirnarSoft acqui-hired Drishya360s, an augmented reality and video production startup in a cash and stock deal, for an undisclosed amount.

– In September 2015, CarDekho acquired Times Internet* owned auto portal Zigwheels for an undisclosed amount, to enhance its content. In the same month in 2014, it acquired Gaadi.

– In April 2015, the company acquired price comparison website BuyingIQ for the team and their technology.

Other developments:

– In December, GirnarSoft invested $1 million in Gurgaon based CollegeDekho, an online platform which lists college across streams in the country and offers test preparation material.

– In the same month, it appointed Umesh Hora, former CFO of Zomato, as it chief financial officer (CFO). In the same month, Girnar Software also appointed Shobhit Mathur as director of strategy.

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– In July, CarDekho launched CarBay, a portal which would provide information on cars in Malaysia and Thailand.

– In May, CarDekho launched a new platform called TyreDekho, which would provide users with tyre-related research tools, reviews and other content. In the same month, it launched 3 websites in Hindi, Tamil and Telugu.

*Disclosure: Times Internet is an advertiser with MediaNama

Written By

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.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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