Cardekho, a Grinar Software-owned automobile portal, is in advanced talks with potential investors to raise around USD 150 million during its upcoming Series E funding round. The used car platform intends to join the unicorn club, with Sequoia Capital India is likely to participate in the upcoming fundraising.
For those unaware, Cardekho is essentially a car search platform that helps users buy vehicles as per their needs. It was launched in 2008 by Anurag Jain and Amit Jain.
Cardekho has managed to raise USD 247.5 million in funding to date and is backed by prominent entities such as Ping An Global Voyager, HDFC Bank, Sequoia Capital, and Hillhouse Group.
In 2019, it secured USD 70 million during a Series D funding round which was led by Ping An Global Voyager, reaching a valuation of USD 725 million. The potential Series E funding round is likely to be held in a couple of months.
Cardekho intends to use the fresh investments to expand its recently introduced e-commerce platform for used cars, sources claimed.
According to CEO Amit Jain, the newly launched e-commerce platform has made it relatively easier to purchase and sell used cars. CarDekho is also offering a six-month warranty on the purchased car’s transmission and engine as well as roadside assistance and financing solutions among others, he added.
Although the COVID-19 pandemic has had a severe impact on the automotive sector, the demand for used cars has increased considerably since most people are looking for personal mobility solutions to lower the risk of infection.
It appears that this trend has propelled CarDekho’s expansion, with the company hiring 5 VPs to lead its technology, engineering as well as product development teams.
Earlier in March, CarDekho had rolled out an advanced GPS vehicle tracking system called UPLINK. It can be connected to any vehicle and enables users to acquire real-time access to various vehicular information such as usage stats, trip history, rash driving alerts, and live tracking among others.
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