Mumbai based CarTrade, an auto classified platform has secured $145 million from Singapore state investor Temasek Holdings and US based investment firm March Capital. Existing investor Warburg Pincus also participated in the round.
The funding capital will be used to fund the cash acquisition of CarWale which was close to $100 million and its expansion.
CarTrade was founded in 2010 by Vinay Sanghi and Rajan Mehra. Vinay, is a former CEO of Mahindra First Choice and Rajan is ex-MD at Nirvana Venture Advisors and former country head of eBay.
Last year, CarTrade acquired its rival CarWale from German media conglomerate Axel Springer, marking the increasing trend of consolidation in this market. It was majorly a Cash deal.
CarTrade backed by Warburg Pincus, Tiger Global Management and JP Morgan. Post the acquisition, the combined entity has about 2,000 employees with some 9,000 car dealers and 2.25 lakh used cars listed on the platform.
In February last year, CarTrade had raised an undisclosed amount from former AutoTrader CEO Chip Perry and in October 2014, the company had closed $30.2 million funding round led by private equity firm Warburg Pincus.
CarTrade competes with its rival CarDekho which was in news for the acquisition of Times Internet owned auto portal Zigwheels. In September 2014, it had also acquired IbiboGroup’s Gaadi.com, for an undisclosed amount.