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<ul><li>Used car startup <keyword id="1945738" type="PERSON" weightage="20" keywordseo="Cardekho">CarDekho</keyword> is set to hire 2,000 people in 2019-20, and wants to add 150 stores by the end of the year. </li><li>The 11-year old startup raised $110 million in funding in January 2019. </li><li>Even while new car business is witnessing a slowdown, the used car platforms have seen a growth in business.</li></ul>Indian used cars platform CarDekho plans to hire 2000 people to scale up its businesses and add 150 stores by December 2019, according to a <a href="https://timesofindia.indiatimes.com/business/india-business/cardekho-to-hire-2000-more-employees/articleshow/70129429.cms">report</a>. The startup, which already has a headcount of over 2800, aims to hire more in both tech and non-tech roles. The reports further say that CarDekho is planning to hire senior-level professionals across insurance, fintech and retail sectors. “We have witnessed robust growth over the years. Our used car business is growing at 140% year on year. We are aggressively expanding our network of CarDekho Gaadi Stores as we aim to launch about 150 stores by the end of this year. We will be hiring about 1,000 people for our B2B business in finance and insurance verticals,” Amit Jain, co-founder and CEO of CarDekho, said in a <a href="https://www.financialexpress.com/industry/sme/cardekho-will-hire-2000-people-in-2019-20-to-accelerate-growth/1637387/">statement. </a> CarDekho, launched in 2008, offers an e-commerce portal for new and used cars, while also offering services to compare prices between cars, view/write reviews, insurance etc. In January 2019, the Jaipur-based CarDekho raised $110 million from marquee investors like Sequoia India, Hillhouse, CapitalG (the growth investment arm of Alphabet) and Axis Bank. The funding took its valuation to $500 million. CarDekho’s rival <keyword id="4306161" type="PERSON" weightage="20" keywordseo="Cars24">Cars24</keyword> has also been bullish about the growth of the used cars sector. Cars24 CEO Vikram Chopra had told Business Insider that the startup plans to breakeven by December 2019 and plans to be in 70 cities by the end of the year. The Indian auto industry has seen a massive slowdown in the selling of new cars which has hit India’s top auto manufacturers but that hasn’t impacted the used cars businesses. See Also: <a href="https://www.businessinsider.in/Suzuki-just-lost-nearly-1-billion-because-of-whats-happening-in-India/articleshow/70128693.cms">Suzuki just lost nearly $1 billion because of what’s happening in India</a> <a href="https://www.businessinsider.in/cars24-is-looking-for-franchisees-in-300-indian-cities/articleshow/70038041.cms">EXCLUSIVE: Cars24, a startup selling used cars, wants outlets in 300 cities and is looking for potential franchisees</a> <a href="https://www.businessinsider.in/cars24-used-cars-startup-could-soon-turn-profitable-will-breakeven-by-december-2019/articleshow/69993448.cms">EXCLUSIVE: Cars24 is racing towards profitability as Indians choose used cars over new ones</a>

CarDekho plans to hire 2,000 people as used cars are selling like hot cakes in India

<ul><li>The Series C round was led by investors like <keyword id="563136" type="ORGANIZATION" weightage="20" keywordseo="Sequoia-India">Sequoia India</keyword>, <keyword id="3869410" type="PERSON" weightage="20" keywordseo="hillhouse">Hillhouse</keyword>, Capital G, Axis Bank etc. </li><li>The new round of funding takes CarDekho valuation to $500 million. </li><li>The company will focus on expanding its used car business.</li></ul>The slew of funding for Indian startups continues in 2019 with Jaipur-based CarDekho raising $110 million from marquee investors like Sequoia India, Hillhouse, CapitalG (the growth investment arm of Alphabet) and Axis Bank. The new round of funding takes CarDekho valuation to $500 million. With funds in the bank now, <keyword id="30126" type="PERSON" weightage="20" keywordseo="Amit-Jain">Amit Jain</keyword>, CEO and co-founder, said in a <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/cardekho-raises-110-million-to-expand-used-car-business/articleshow/67365016.cms">press statement </a>that they will be using the funds to expand their used car business and infuse money into their insurance and finance verticals. “These segments have huge potential to scale up and we are completely focused on getting them to a massive scale,” he said. CarDekho, launched in 2008, offers an e-commerce portal for new and used cars, while also offering services to compare prices between cars, view/write reviews, insurance etc. It claims to work directly with <a href="https://www.livemint.com/Companies/Py7r9DrZKgqleEshHohkAN/CarDekho-raises-110-million-in-Series-C-from-Axis-Bank-inv.html">8 automakers in India </a>along with 5,000 dealer partnerships across the country. It was<a href="https://techcircle.vccircle.com/2018/10/09/cardekho-parent-girnar-software-s-fy18-revenue-jumps-40-loss-nearly-halves"> reported in October 2018</a>, that the GirnarSoft Pvt Ltd owned auto e-commerce portal had earlier recorded a 40 percent growth in revenue for the financial year closing on March 2018, while also reducing losses. 2018 looked like a busy year of investments for the company with GirnarSoft raising $3.6 million in debt funding from Trifecta and CarDekho scooping up $2.5 million in a Series B round led by Sequoia Capital. Used car business in India The used car market in India has seen strong growth over the years. A report published by Mordor Intelligence states that the Indian used car market is slated to reach a market size of $75 billion by 2023, while also recording a CAGR of 15.2% India has seen a surge in the number of startups operating in the area with the likes of CarDekho, Droom, CarWaale, Cars24 etc., many of which have raised funding in 2018, reflecting an increased interest from investors. Interestingly, Cardekho’s investor Sequoia Capital also backed Cars24 in July 2018, when the latter raised $49.7 million. Meanwhile, Sandeep Aggarwal-led Droom raised a <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/droom-raises-30-million-funding-to-buy-back-esops-worth-rs-50-crore/articleshow/66067615.cms">series E round of funding </a>of $30 million led by the Japanese family office of Joe Hirao. See also: <a href="https://www.businessinsider.in/online-marketplace-olx-plans-to-open-150-offline-stores-for-buying-and-selling-of-used-cars-across-india/articleshow/66830026.cms">Online marketplace OLX plans to open 150 ‘offline’ stores for buying and selling of used cars across India</a> <a href="https://www.businessinsider.in/for-indian-startups-2018-has-been-a-year-of-bouncing-back-as-venture-capital-funding-doubles/articleshow/67286540.cms">For Indian startups, 2018 has been a year of bouncing back as venture capital funding doubles</a> <a href="https://www.businessinsider.in/the-indian-government-has-reportedly-invested-just-19-of-its-fund-dedicated-to-boosting-startups/articleshow/67323307.cms">The Indian government has reportedly invested just 19% of its fund dedicated to boosting startups</a>

In India, used car businesses see renewed interest from investors with CarDekho raising $110 million

The booming startup ecosystem in India is definitely good news for the job market in the country. The placement season has seen startups companies flocking the gates of top undergraduate colleges such as <keyword id="6360029" type="ORGANIZATION" weightage="20" keywordseo="LSR">LSR</keyword> and <keyword id="6363378" type="COMPANY" weightage="20" keywordseo="SRCC">SRCC</keyword> to offer lofty pay packages. 
	 
	Wonder what are the packages that are being offered to these undergraduates? Well, some are as fat as Rs 29 lakh per year. 
	 For instance, in LSR, the placement has just begun and 65 students have already been placed. Start-ups such as <keyword id="2550719" type="UNKNOWN" weightage="20" keywordseo="OYO-Rooms">OYO Rooms</keyword>, Vmock and BlueGape have been high on hiring undergraduate students from these colleges. 
	 
	"The placements this year have been phenomenal and definitely a major leap from our performance last year," said Kanika K Ahuja, the placement cell convener at LSR. She added, “By the end of just the first placement season, we have managed to beat our own record of the highest package from last year (Rs 18 lakh) to this season's highest placement of Rs 29 lakh (also highest in the University of Delhi). This is surely one of the best years we have had.” 
	 However, startups aren’t the only ones who are betting big on undergraduates. Seven year old <keyword id="2796775" type="UNKNOWN" weightage="20" keywordseo="Car-Dekho">Car Dekho</keyword> plans to hire 150 college students this season. While companies such as <keyword id="6357341" type="CITY" weightage="20" keywordseo="Deutsche-Bank">Deutsche Bank</keyword>, <keyword id="6372399" type="COMPANY" weightage="20" keywordseo="McKinsey">McKinsey</keyword>, <keyword id="165158" type="COMPANY" weightage="20" keywordseo="AT-Kearney">AT Kearney</keyword>, EY, Grand Thornton has already hired over 200 students from SRCC. The placement cell at SRCC is currently in talks with firms such as Goldman Sachs and Parthenon-EY for placements. 
	 
	Image Credit: Indiatimes.com

Job galore: OYO Rooms, Car Dekho bet big on fresher hiring!

It seems that second hand dealers would soon be raking in the moolah! Following the <a href="http://www.businessinsider.in/Supreme-Court-slaps-temporary-ban-on-luxury-diesel-car-sales-in-Delhi/articleshow/50199800.cms">Supreme Court’s ban </a>on diesel cars in Delhi, used cars have witnessed a sudden surge in demand in the Delhi-NCR region. 
	 
	According to the data compiled by Car Dekho, an online auto marketplace, enquiries for <a href="http://www.businessinsider.in/NGTs-ban-on-registration-of-diesel-vehicles-in-Delhi-spells-more-woes-for-auto-industry/articleshow/50184296.cms">diesel cars</a> from major brands such as Mahindra, Ford and <a href="http://www.businessinsider.in/General-Motors-India-to-recall-101597-Beat-diesel-cars/articleshow/50187422.cms">General Motors</a> rose tremendously in the secondhand car market. But this trend is not restricted to mass brands only. Interestingly, the numbers reveal that the luxury segment too saw a whopping increase of nearly 200% in the used cars category. 
	 While German luxury auto majors such as <keyword id="6363321" type="CITY" weightage="20" keywordseo="Audi">Audi</keyword> and <keyword id="6355119" type="CITY" weightage="20" keywordseo="BMW">BMW</keyword> are probably some of the worst hit in the new car category due to the ban, in the used car segment, these brands are majorly in demand. 
	 The survey revealed that Audi’s Q7, BMW’s 7 series have recorded a whopping 167% and 150% increase in their demand respectively in the second-hand segment. On the other hand, old-man’s car, <keyword id="6357420" type="CITY" weightage="20" keywordseo="mercedes">Mercedes</keyword>’A, E and GL Class, only saw a 75%, 68% and 67% increase in their demand respectively. 
	 In the mass market, while brands such as Hyundai, <keyword id="42747" type="CITY" weightage="20" keywordseo="Tata-Motors">Tata Motors</keyword>, <keyword id="6374528" type="CITY" weightage="20" keywordseo="Toyota">Toyota</keyword>, Mahindra were adversely affected by the ban, there has been surge in the demand for their popular SUV models in the second hand market. Mahindra’s Ssangyong Rexton saw a 13% increase in its demand while Scorpio and XUV 500 recorded a 32% and 17% increase in their demand in the used car market. Toyota’s Fortuner while saw 66% decline in demand in the new car, it registered a 55% rise in its demand in the second hand car market. 
	 
	Overall, there was a 27% decline in new car leads for diesel SUV segment while used car leads for these models increased by 17% simultaneously. The SC’s order to ban big diesel cars in the city in order to curb <a href="http://www.businessinsider.in/Heres-what-is-killing-India/articleshow/49918471.cms">air pollution</a> has dented these top auto majors. 
	 
	“We foresee that the demand for used cars in this segment could see a further increase if the ban continues for a longer duration,” said the report. 
	 
	Image Credit: Indiatimes.com

Can’t buy that new SUV? So what! Make do with
a used one

Of late, <keyword id="6360722" type="PERSON" weightage="60" keywordseo="ratan-tata">Ratan Tata</keyword> has made several personal investments in the country's digital economy. And now he is now picking up a small stake in <keyword id="181441" type="COMPANY" weightage="60" keywordseo="One97-Communications">One97 Communications</keyword>, which owns and operates <keyword id="6357120" type="UNKNOWN" weightage="60" keywordseo="PayTM">Paytm</keyword>, and will also take on the role of an adviser at the Delhi-based firm reveals reports the Economic Times. Paytm recently raised $200 million from Ant Financial, Alibaba's payments firm, to bolster its mobile shopping platform. The 76-year-old chairman emeritus of <keyword id="46894" type="PERSON" weightage="60" keywordseo="Tata-Sons">Tata Sons</keyword>, the holding company of the $100-billion <keyword id="6355725" type="CITY" weightage="60" keywordseo="Tata-Group">Tata Group</keyword>, has subscribed to fresh shares of Paytm, which is looking to directly compete with online retailers like Flipkart, Amazon and Snapdeal. 
 
"I'm happy that someone like him (Tata) has put his faith and trust in our values and mission. There is no better ad viser," Vijay She khar Sharma, founder of Paytm has told The ET. 
 Tata has earlier invested in Snapdeal, Urban Ladder, Bluestone and Car Dekho. With the ad dition of Paytm, his portfolio is almost half a dozen strong. Add to that his advisory role at venture fund <keyword id="1397792" type="UNKNOWN" weightage="60" keywordseo="Kalaari-Capital">Kalaari Capital</keyword>, and he could be branded as a mini venture capitalist. 
 
(Image: Reuters)

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