Chennai: Automobile portal CarDekho has announced raising its Series C round of funding worth $110 million from Sequoia India, Hillhouse, CapitalG (Alphabet growth investment arm) and Axis Bank.
“We plan to infuse the raised capital in the used car business, insurance and finance verticals. These segments have huge potential to scale up,” CEO and co-founder Amit Jain told PTI. The company total funding currently stands at $185 million, said Jain.
The startup works directly with more than eight car and motorcycle manufacturers that make up for 15-30 per cent of their combined annual sales. CarDekho works with 5,000 dealerships across India. In addition, it works in collaboration with over 10 financial institutions across the country to facilitate used car financing.
“Our used-cars engine has scaled up tremendously and has also enabled us to incubate allied businesses like insurance and finance as they are one of the largest opportunities ahead of us,” Jain said.