NEW DELHI, Jan 13: Online auto classifieds platform CarTrade today said it has raised Rs 950 crore in funding, led by Temasek and March Capital.
The round of funding, which also saw participation from existing investor Warburg Pincus, will be used to diversify and strengthen CarTrade’s offerings for consumers and dealers, the company said in a statement.
CarTrade, after the acquisition of Carwale in November last year, gets over 32 million visits per month and works with about 10,000 new and used car dealer partners.
The platforms list more than 2.25 lakh used cars for sale and auctions over 2.5 lakh vehicles to the wholesale market every year.
“This investment is a validation of CarTrade’s business model and growth plans in the Indian online auto space. The funds raised shall be used to further expand our services organically and through acquisitions,” CarTrade founder and CEO Vinay Sanghi said.
The focus will be on products, services and strengthening technology capabilities and platforms to deliver a seamless online experience for auto enthusiasts across the country, he added.
Founded in 2009, CarTrade’s existing investors include Warburg Pincus, JP Morgan and Epiphany ventures. (PTI)
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