CarDekho, a platform to sell and buy used cars and an automobile subsidiary of Girnar Group, is looking to raise $100 million (approx INR 708 crore) Series D funding round, reported Inc42, citing development from Mint.
According to the sources, CarDekho is in talks with Chinese strategic investor Autohome Inc., who will lead the round with $70 million. While, Sequoia is also looking to invest and is leading the discussions being a common investor.
In August this year, CarDekho has bagged ₹132.95 crore as part of its series C round led by SC GG India Mobility Holdings LLC.
While, Hillhouse and Kreatif Media Karya also participated in the round.
CarDekho was founded by Amit Jain and Anurag Jain in 2005. It provides a platform for users to search for used and new cars, along with providing them with detailed reviews to help them choose the right car.
CarDekho has built a complete ecosystem to enable its consumers to have easy and complete access to buying and selling cars, as well as information on cars.
The platform CarDekho’s service lets buyers and sellers engage with each other for automobile sales.
It also wants to manage and improve the entire ownership experience, by facilitating the purchase of accessories, tyres, batteries, and insurance, and providing roadside assistance.
According to an IBEF report, the Indian auto industry, one of the largest in the world, accounts for 7.1% of the country’s GDP.
In this segment of startups, other platforms with similar objectives include NDTV Auto, CarTrade, Cars24, OLX, Quikr, and Droom.