CarTrade secures Rs950-crore investment led by Temasek, March Capital
13 Jan 2016
Online auto classifieds platform CarTrade has raised Rs950 crore led by Singapore-based investment company Temasek and venture investment firm March Capital, with participation from existing investor Warburg Pincus. The company intends to use the capital to diversify and strengthen its offerings for consumers and dealers.
''The funds raised shall be used to further expand our services organically and through acquisitions. We will continue to focus on products, services and strengthening our world class technology capabilities and platforms, to deliver a seamless online experience for auto enthusiasts across the country,'' said Vinay Sanghi, founder and CEO, CarTrade.
CarTrade is India's largest auto classifieds platform, with over 32 million visits per month and working with about 10,000 new and used car dealer partners. The platforms list more than 225,000 used cars for sale and auctions over 250,000 vehicles to the wholesale market every year.
CarTrade had been founded by Vinay Sanghi in 2009. Existing investors include Warburg Pincus, JP Morgan and Epiphany ventures.
''We are very excited about the opportunities presented by sector in India and are well positioned to leverage these opportunities. At this stage of growth we welcome Temasek and March Capital and this new financing will provide CarTrade with a strong foundation for future growth,'' said Mohit Dubey, CEO, CarWale.