CarTrade, an Indian online auto classifieds platform, raised Rs 950 crores (approx. $145m) in funding.
The round was led by Temasek, an investment company based in Singapore, and March Capital a global venture investment firm, with participation from existing investor Warburg Pincus, an international private equity firm focused on growth investing.
The company intends to use the funds to diversify and strengthen its offerings for consumers and dealers organically and through acquisitions.
Founded by and Chief Executive Officer Vinay Sanghi in 2009, CarTrade.com is an Indian leading auto online platform for consumers to buy and sell new and used cars. To buy and sell used cars with confidence, the site provides consumers with tools including used car price information and condition check of cars. For new car buyers, features include reviews, on-road prices, car comparisons and latest news.
Following its recent combination with Carwale, CarTrade.com is India’s largest auto classifieds platform with over 32 million visits per month and approximately 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.