Car marketplace CarDekho raised a $110m series C round, featuring the growth-stage investment arm of internet technology conglomerate Alphabet. CapitalG. The rounds also included venture capital firm Sequoia Capital and hedge fund Aquila Capital, which co-led it, as well as financial services firm Axis Bank, investment firm Hillhouse Capital and family office RNT Associates. The transaction reportedly valued the India-based platform at $400m to $500m. Previous corporate backers of the company are digital marketing firm Dentsu and media group Bennett, Coleman & Co. CarDekho is expected to use the capital to strengthen its market position in used car financing and insurance.
Founded in 2007, CarDekho runs an online marketplace for new and used vehicles that also includes detailed specifications on each model as well as video and photographic content. The platform is active in India, Indonesia, Malaysia, the Philippines and the United Arab Emirates. The company has partnered up with over 4,000 dealerships, automotive manufacturers and financial institutions for purchase financing and auto insurance.
