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CarDekho raises Rs 307 cr in funding at valuation of Rs 1,844 crore

Online auto classifieds player CarDekho has reportedly
raised about Rs 307 crore, in a new round of funding led by Chinese funds
Hillhouse Capital and Tybourne Capital, at a post-money valuation of about Rs
1,844 crore, reports the
Economic

Online auto classifieds player CarDekho has reportedly
raised about Rs 307 crore, in a new round of funding led by Chinese funds
Hillhouse Capital and Tybourne Capital, at a post-money valuation of about Rs
1,844 crore, reports the
Economic
Times.

CarDekho has joined the growing tribe of Indian consumer tech startups
with a valuation of Rs 1,000 crore or more, which includes the likes of
Bookmyshow, Zomato, Ola and Quikr.

“We will be using the proceeds primarily towards
brand building and marketing,” Amit Jain, Co-Founder and Chief Executive, CarDekho
told the Economic Times. “We will consider acquisitions as well, and have
held talks with other startups that we feel can enhance our technology
platform.”

Along with the new investors Hillhouse Capital and Hong
Kong-based Tybourne Capital existing investor Sequoia Capital also participated
in the latest round of funding. Sequoia
Capital
had earlier invested over $15 million for a 20% stake in
GirnarSoftware, which owns internet portals CarDekho, BikeDekho and PriceDekho,
valuing the Jaipur-based company at over $50 million in its first round of
institutional funding.

“Given the adoption of the internet in
India, especially through mobile, we’re targeting revenue of Rs 500 crore- Rs
600 crore, and a billion dollar valuation over the next four to five years,”
Jain told the Economic Times. 

CarDekho competes with auto classified websites
such as Tiger Global and Warburg Pincus-backed CarTrade.com and Carwale.com, as
well as with multi-category classifieds sites, such as Naspers-backed OLX and
eBay-backed Quikr.

Last year in September, the fragmented online auto
classifieds market had witnessed its first big consolidation move as CarDekho acquired
Ibibo Group-owned Gaadi.com,
for an undisclosed amount.

 

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