CarDekho raises $110 million from various investors to expand used car, insurance and finance verticals

New Delhi: CarDekho, the flagship portal of GirnarSoft, Thursday said it has raised $110 million (over Rs 770 crore) from various investors which it plans to utilise to expand its various business verticals.

The company has raised the capital in a Series C funding with investments from Sequoia India, Hillhouse, CapitalG (Alphabet growth investment arm) and Axis Bank.

"We plan to infuse the raised capital in used car business, insurance and finance verticals...These segments have huge potential to scale up and we are completely focused on getting them to a massive scale," CarDekho CEO and co-founder Amit Jain told PTI.

With this latest round of funding, the company has so far raised a total of $185 million, he added.

 CarDekho raises 0 million from various investors to expand used car, insurance and finance verticals

Representational image. Reuters

CarDekho works directly with more than eight car and motorcycle manufacturers, and accounts for 15-30 percent of their combined annual sales. It also works with 5,000 dealerships across India.

In addition, it works in collaboration with more than 10 financial institutions across the country to facilitate used car financing.

"Our used cars engine has scaled up tremendously and has also enabled us to incubate allied businesses like insurance and finance as they are one of the largest opportunities ahead of us," Jain said.

The opportunity lies in extending formal credit and insurance coverage to the new-to-formal economy population and will continue to be a focus area for the company, he added.

Earlier this year, Tata Group Chairman Emeritus Ratan Tata had also invested in the company.

CarDekho is the flagship site of GirnarSoft, and along with its other group sites like ZigWheels, Gaadi, PowerDrift and BikdeDekho, is one of the country's leading digital automotive solutions providers.

The company also has a presence in international markets under the brand names of ZigWheels and OTO, covering countries such as Malaysia, the Philippines and Indonesia.

Updated Date: Jan 03, 2019 16:07:00 IST