CarDekho

CarDekho scoops up $110 Mn Series C round led by Sequoia Global growth fund

CarDekho

New and used cars auto portal CarDekho has been in the process of raising its Series C funding round since the last few months.

Entrackr had exclusively reported in October that the company had raised $75 million in the ongoing Series C round from existing investors including Ratan Tata, Times Internet, Tybourne Capital, Dentsu, Inc., HDFC Bank etc.

While the sources at that time had hinted that the round could go upto $150-170 million, it seems that the closure on the funding has been made sooner rather than later.

As per the latest reports based on a statement by the company, the round has been closed at $110 million fund from Sequoia Capital’s global growth fund and existing investors – Hillhouse Capital, Capital G, and Axis Bank.

The Rain Maker Group advised the company on this financial transaction that marks the company’s valuation at $400-500 million (as per TechCircle’s sources).

In the automobile segment, this amount brings the company in league of the largest Series C rounds in the Indian Startup ecosystem ever.

The company plans on ramping up its operations in the used cars segment as well as scale up the user base of the financial and insurance (InsuranceDekho) verticals

Including the current $110 million, the company has so far raised over $200 million over four rounds since 2013.

The Jaipur based company that directly competes with CarTrade, recently acquihired CarBiqi and also entered in competition with Cars24. Interestingly, Sequoia Capital, one of the major investors in the company had also invested in the Cars24, leading a $50 million round.

Overall, these developments should make the competition in the automobile segment interesting to watch out for.