CarDekho raised $250 million in pre-IPO round, valued at $1.2 billion reaching Unicorn
CarDekho, a used and new automobile marketplace, said on Wednesday that it had raised $250 million in stock and debt investment.
Leapfrog Investments led the acquisition, which included Canyon Partners, Mirae Asset, Harbor Spring Capital, and previous investors Sequoia Capital India and Sunley House, and valued the firm at $1.2 billion.
In a statement, CarDekho CEO and Co-founder Amit Jain said, “CarDekho, from being a car research portal, has evolved to become a complete ecosystem for car buying, life-cycle management, and selling. We are committed to empowering our customers and providing them with a convenient and hassle-free experience. The new fundraiser will help us expand our Used Car transactions and financial services businesses. The trust and conviction of our investors will help us to accelerate our growth plans whilst we provide our customers with an experience that will continue to re-define car buying and selling.”
The funds will be used to drive CarDekho’s growth in the used vehicle transaction, financial services, and insurance industries, as well as to develop robust product and technology functions, raise brand recognition, and expand into new regions, according to a statement from the firm.
According to the statement, the firm intends to grow throughout India with retail hubs that will focus on both used vehicle purchases and certified pre-owned automobile retail transactions with customers.
