India-based online automotive marketplace CarDekho closed a $110m series C round backed by CapitalG, the growth-stage investment arm of internet technology conglomerate Alphabet today.
Venture capital firm Sequoia Capital and hedge fund Aquila Capital co-led the round, which included financial services firm Axis Bank, investment firm Hillhouse Capital and family office RNT Associates.
The deal valued CarDekho at $400m to $500m, the company said, in line with the $400m to $450m sources had earlier given to VCCircle, adding that it has now raised a total of $185m in funding.
Digital marketing firm Dentsu, media group Bennett, Coleman & Co, financial services firm HDFC Bank and Tybourne Capital backed an initial $75m close of the round in October 2018, though none of them were referred to in the announcement.
Founded in 2007, CarDekho runs an e-commerce platform for new and used cars, offering features such as reviews, comparisons and 360-degree videos of interiors. It operates in India, Indonesia, Malaysia, the Philippines and the United Arab Emirates.
The company has partnerships in place with more than 4,000 dealerships and multiple automotive manufacturers, as well as financial institutions which help provide purchase financing and auto insurance.
CarDekho is expected to use the capital to strengthen its market position in used car financing and insurance.
Sequoia Capital provided series A funding for the company in 2013 in advance of $50m from Sequoia, Hillhouse Capital, Tybourne Capital and Ratan Tata in 2015. HDFC added an undisclosed sum later in the year before CapitalG led a $15m round in 2016 that also featured existing investors including Hillhouse.
