New and used cars auto portal CarDekho has received around $20 million as a part of its $110 million Series C round that kicked off in January this year.
CarDekho has raised an investment of Rs 132.95 crore led by SC GG India Mobility Holdings LLC with the participation from Hillhouse and Kreatif Media Karya. According to its latest RoC filings with Ministry of Corporate Affairs, the company has issued 23,497 Series C CCPS costing Rs 56,585 per share.
For the unaware, SC GG India Mobility Holdings LLC is based out of Cayman Islands that appears to be managed by Jacquie Kush, Sequoia Capital’s overall Controller and Doulas Leone, the global managing partner.
Till date, CarDekho has raised over $200 million across four rounds and is valued at around $500 million.
The fresh capital infusion comes at a time when the Jaipur-based firm is foraying into different segments such as auction model and most recently insurance broking.
As stated earlier, the Series C round will be solely focussed on the used-car segment and to improve the transaction-related services including insurance and financing businesses.
Apart from exploring new and used cars on its platform, CarDekho offers expert reviews and price comparisons. The firm has tied up with various automakers, dealers and financial institutions to facilitate vehicle purchases.
While the partnership with automaker yields 15-30% of CarDekho’s combined annual sales, over 5,000 dealer partnerships generate 42% of retail sales. The figures might have improved further recently.
In used car sales, CarDekho directly competes with Cartrade, Spinny and another Sequoia funded company Cars24.
The Amit Jain led company recorded 62% growth in revenue to Rs 260 crore in FY19. It also claims to be dominating the market with 65% share and 1.4 million unique visitors per day, resulting in helping the company garner $1.2 billion GMV across 310K plus transactions in the fiscal.
