CarDekho, a seller-focused platform for old and new cars, announced on October 13 that it has raised $250 million in an equity and debt funding round, valuing it at $1.2 billion, driving up to a stock market listing by 2022.
The deal, headed by LeapFrog Investments with other new investors such as Mirae Asset, Franklin Templeton, Canyon Partners and Harbor Spring Capital, makes CarDekho India’s 33rd unicorn in 2021 record-breaking year for startup funding. Early investors Sequoia Capital and Sunley House also invested.
CarDekho, which also has an insurance vertical and started a buyer-focused platform recently, told it buys cars in over 100 markets and has over 3,000 vehicles on its platform for purchase, with an annual revenue run rate of $100 million.
“CarDekho, from being a car research portal, has evolved to become a complete ecosystem for car buying, lifecycle management and selling … the new fundraise will help us expand our used-car transactions and financial services business,” co-founder and CEO Amit Jain stated.
While CarDekho was valued at about $800 million in late 2019 — the most valued member at the time — its valuation was surpassed by Cars24 and Spinny lately. Cars24 has raised funds from investors driven by SoftBank and is valued at $1.8 billion, while Spinny is raising its third funding round this year, at a valuation of nearly $2 billion.
Car Dekho, a flagship site of GirnarSoft is one of the leading digital automotive solutions providers 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.