Business

CarDekho 33rd unicorn this year, raises $250mn – Times of India

CHENNAI: Used automotive seller CarDekho on Wednesday mentioned it has raised $250 million, together with $50 million in debt, led by Leapfrog Investments in a spherical that valued it at $1.2 billion. This pushed CarDekho into the league of unicorns (valued at over $1 billion) — the thirty third this yr from India — together with friends Droom and Cars24.
LeapFrog Investments is a world affect investor targeted on monetary providers and healthcare entry. Different new traders who participated included US-based Canyon Companions, Mirae Asset and Harbor Spring Capital. CarDekho’s present traders Sequoia Capital India and Sunley House participated within the spherical too. Sequoia Capital India was one of many early traders in CarDekho, having led the series-A spherical in 2013 and series-C in 2018.
That is the most important ever fundraise by CarDekho and can be used to develop its used automotive enterprise in addition to additional construct its monetary providers. The cash can even be used to strengthen CarDekho’s world footprint in markets like Indonesia and Philippines the place it has just lately debuted and Malaysia the place it is going to debut quickly, mentioned co-founder and CEO Amit Jain. The corporate plans to go in for an IPO in 18 months, he added.

Other than used automotive shopping for and retail in addition to insurance coverage & financing, the corporate can be specializing in on-line EV retail and has tied up with electrical two-wheeler corporations like Ola, Hero Electrical and TVS.




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