CarDekho Secures $60M in Latest Funding Round
Deal News | Dec 11, 2024 | Aim Group
India-based automotive marketplace CarDekho has successfully raised $60 million in a financing round composed of both equity and debt. Leading this round are Navis Capital Partners and Dragon Fund, along with the participation of current investors Sequoia Capital India and HDFC Bank. CarDekho intends to utilize these funds to solidify its position in key Southeast Asian markets such as Indonesia, the Philippines, and Malaysia by bolstering its technological framework, expanding its product offerings, and fortifying its partnerships with local dealerships and financial institutions. CarDekho's strategy involves applying the success formula developed in India to international markets to address consumer demands in various cultural contexts. The company initially ventured into Southeast Asia in 2016 with the introduction of Oto.com in Indonesia, followed by acquiring Carmudi Philippines in 2019. Co-founder and CEO Amit Jain expressed excitement and gratitude for the funding, which he views as an endorsement of CarDekho's unique business model aimed at establishing the company as the largest auto-financial services marketplace worldwide.
Sectors
- Automotive Marketplace
- Financial Services
- Technology
Geography
- India – CarDekho is based in India and brings its successful Indian business model to international markets.
- Southeast Asia – The company targets major markets in Southeast Asia, including Indonesia, the Philippines, and Malaysia, for expansion.
Industry
- Automotive Marketplace – CarDekho operates within the automotive marketplace, facilitating the buying and selling process of vehicles.
- Financial Services – The company's expansion into auto-financial services requires partnerships with financial institutions.
- Technology – CarDekho plans to enhance its technological infrastructure as part of its expansion strategy.
Financials
- $60 million – Total amount raised by CarDekho in the current equity and debt funding round.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| CarDekho Group | Target | Company | An India-based auto marketplace platform seeking to expand in Southeast Asia. |
| Navis Capital Partners | Lead Investor | Company | A private equity firm leading the funding round for CarDekho. |
| Dragon Fund | Lead Investor | Company | Investment fund co-leading the funding round for CarDekho. |
| Sequoia Capital India | Investor | Company | An existing investor in CarDekho participating in the current funding round. |
| HDFC Bank | Investor | Company | An existing investor in CarDekho participating in the funding round. |
| Amit Jain | CEO | Person | Co-founder and CEO of CarDekho Group. |