Online automobile marketplace CarDekho.com has secured a $15 million funding, in a round led by Google Capital and existing investors. The automobile marketplace is going through a very interesting time this year, with Mumbai based CarTrade securing $145 million from Singapore state investor Temasek Holdings and US based investment firm March Capital.
According to the sources, besides Google Capital, some existing investors including Hillhouse Capital, also participated in the round. The capital raised will be deployed in expansion within and outside India.
Last year, Times Internet Ltd (TIL) has become the newest investor in Jaipur-based Girnar Software Pvt Ltd, which runs auto portals CarDekho.com, BikeDekho and Gaadi.com besides product discovery engine Pricedekho.com. This investment is part of the transaction, where TIL sold auto portal Zigwheels to Girnar for an undisclosed amount.
CarDekho was founded by Amit and Anurag Jain, both IIT-Delhi alumni, after their visit to the Delhi Auto Expo in 2008. The company received its first institutional round by Sequoia Capital in 2013.
Last year, CarDekho raised USD 50 million in a fresh financing round led by China’s Hillhouse Capital, Tybourne Capital and its existing investor venture fund Sequoia Capital. Ratan Tata and HDFC Bank, India’s second largest private bank by assets, have also picked up minority stakes in the classifieds major.
The combined entity of CarDekho, Gaadi.com, and Zigwheels would compete with the likes of Cartrade.com and Carwale.com, besides the horizontal online classifieds services like Quikr and Olx. Quikr Cars is one such vertical the Craigslist-like portal has been pushing through mass media advertising as it looks to shore up revenues.