The Indian Wire » Startups » Sequoia India, Hillhouse Capital, others infuse $70 million in used car platform CarDekho through series D round
Startups

Sequoia India, Hillhouse Capital, others infuse $70 million in used car platform CarDekho through series D round

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CarDekho, a platform to sell and buy used cars and an automobile subsidiary of Girnar Grouphas bagged $70 million (approx INR 498 crore) in series D round of funding from Ping An Global Voyager Fund, Sunley House Capital Management, Sequoia India and Hillhouse Capital, reported Mint.

“As a leading full-stack autotech company in India, we at CarDekho are committed to helping consumers throughout their car buying & selling journey. Our unique automobile ecosystem helps us provide compelling value propositions to the consumers and engage with them through our various transaction models at one platform,” said Amit Jain, co-founder and CEO, CarDekho.

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.

The platform CarDekho claims to provide an option to sell both new and used cars on its platform, and has seen strategic investor interest despite a continuing slowdown in automobile sales in India.

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 AutoCarTradeCars24OLXQuikr, and Droom.

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