In today’s time where everybody is looking for a basic level of comfort and stability in their lives, owning a car is one of the foremost ambitions that we all have. But, of course, it is not so economical to lay your hands on a new car and that’s where the option of owning a previously-owned or a second-hand car comes in handy. This is field that, if looked into deeply, can be capitalized on very effectively. And that is exactly what Car Dekho has been doing to perfection.
Car Dekho, a flagship site of GirnarSoft is one of the leading digital automotive solutions provider in the country along with its other group sites like ZigWheels, Gaadi, PowerDrift and BikeDekho, and, in a Series C funding round, Car Dekho raises $110 million to expand the business of used cars (770 Crores INR) and touches a total funding of $185 million since its inception.
In the Series C funding, Car Dekho raised an accumulated capital of $110 million from Sequoia India, Hillhouse,CapitalG (Alphabet Growth Investment Arm) and Axis Bank.
Amit Jain, Co-founder & CEO of Car Dekho stated, “We plan to infuse the raised capital in used car business, insurance & finance verticals. These segments have huge potential to scale up & we are completely focused on getting them to a massive scale.” Source.
He also added that Car Dekho’s used cars engine has scaled up tremendously and has also enabled them to incubate allied businesses like insurance & finance, some of the largest opportunities ahead of them.
Car Dekho, a leading automotive solutions provider also works with more than 5,000 dealerships across India. They also work directly with more than 8 car and motorcycle manufacturers, accounting for 15% to 30% of their combined sales.
Further, working in collaboration with 10+ financial institutions across the country, Car Dekho is making it easier and a more affordable for the people of India to own a car by facilitating used car financing.
“The opportunity lies in extending formal credit and insurance coverage to the new-to-formal economy population of the country and will continue to be a focus area for the company”, Jain said.
Also having a presence in the international markets with the brand names of ZigWheels & OTO, they cover other countries like Malaysia, the Philippines and Indonesia and have been previously invested in by the Chairman of the Tata Group, Ratan Tata.