Indian auto marketplace CarDekho raises $70 million as it makes overseas bets

• CarDekho raised $70 million in series D funding from China’s Global Voyager Fund, the investment arm of China’s largest insurer Ping An.
• This is the fund’s first investment in an Indian company.
• CarDekho had achieved a year-on-year growth of 92% with a revenue of $28 million in H1 FY20.
  

Auto marketplace startup CarDekho raised $70 million in series D funding from China’s Global Voyager Fund. This is the fund’s first investment in an Indian company.

The Global Voyager Fund is the investment arm of China’s largest insurer Ping An.


The round also saw participation from Sunley House Capital Management, a subsidiary of global private equity firm Advent International and CarDekho’s existing investors Sequoia India and Hillhouse Capital.

“With the latest fundraise, we will continue to strengthen our domestic and international businesses and will aggressively work towards becoming the largest personal mobility ecosystem in the country,” said Amit Jain, CEO and Co-Founder, CarDekho.

At a time when the Indian and global auto markets are slowing down, CarDekho expanded its business overseas. The startup recently acquired the Philippines operations of Carmudi. This is the second Southeast Asia where it has a presence, after Indonesia.

CarDekho claims to have directly influenced 42% of the retail sales in India as it works with 4,000 auto dealerships and 3,000 used car dealers.

Meanwhile, the overall revenue of the company grew by 92% over the first half of the last fiscal year to $28 million.