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CarDekho raises Series C funding of $110 M from Axis Bank, existing investors

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Car arranged stage CarDekho has raised Series C financing of $110 million from Sequoia India, Hillhouse, CapitalG (Alphabet development speculation arm) and Axis Bank. The organization will utilize the new assets to improve center around the utilized vehicle portion of the market and construct a solid establishment in exchange administrations, including protection and financing, the organization said in its announcement.

“Our commitment to an individual purchasing another vehicle has developed complex and this will keep on being a defense for us. Our Used Cars motor has scaled up enormously and has likewise empowered us to brood unified organizations like Insurance and Finance business as they are one of the biggest open doors in front of us. The open door lies in broadening formal credit and protection inclusion to the new-to-formal economy populace and will keep on being a center region for us,” said Amit Jain, CEO, and Co-author, CarDekho.

In 2017, CarDekho’s parent Girnarsoft had gotten a permit from the Insurance Regulatory and Development Authority (IRDA) to dispatch accident protection vertical. CarDekho is right now working with eight vehicle and bike makers, alongside 5,000 dealerships crosswise over India. Likewise, it works in a joint effort with in excess of 10 budgetary organizations the nation over to encourage utilized vehicle financing and give a consistent affair to the two purchasers and venders.

This financing is notwithstanding the $75 million brought up in its past rounds. In July 2018, it had stowed obligation subsidizing of $3.6 million from Trifecta Venture Debt Fund-1. Four months earlier, it had raised Rs 16 crore of value subsidizing from Sequoia Capital in an inside round of financing. The past fundings are upheld by financial specialists like Hillhouse Capital, Tybourne Capital, and Sequoia Capital, Ratan Tata, and HDFC Bank in the primary portion of 2015.

CarDekho is the leader site of Jaipur-based GirnarSoft, alongside its other gathering destinations like ZigWheels, Gaadi, PowerDrift, and BikdeDekho.

CarDekho cases to have a month to month traffic of 73 million guests, with 39 million month to month special guests. In August 2018, the organization had procured PowerDrift Studios Private Limited, famously known as PowerDrift, a YouTube channel for car content. On its channel, the organization presently claims to have 1.9 million supporters till date.

GirnarSoft has a nearness in worldwide markets under the brand names of ZigWheels and OTO,

covering different nations, for example, Malaysia, the Philippines, and Indonesia.

CarDekho rivals players like NDTV Auto, CarTrade, Cars24, OLX, Quikr’s auto vertical, and Droom.

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