Automobile portal Car Dekho on Thursday announced that it has raised a total amount of Series-D funding worth $70 Million (Rupees 500 Crores). The funding round was led by China’s Ping Ann Global Voyager Fund. The latest funding round was also participated by Sunley House Capital Management, a subsidiary of global private equity firm Advent International and existing investors Sequoia India and Hillhouse. With these latest funds Car, Dekho is looking forward to strengthening the company’s business and expand its operations overseas. The company had recently started its operations in the Philippines by acquiring Carmudi.

The company sells both old and new cars on its online platform, and has seen interests from investors grow as at present circumstances sale of used cars exceeds that of new ones. According to estimates released by Car Dekho, in the financial year of 2019, the sale of new cars stood at 33 lakh units whereas the sale of used cars reached 40 lakh units.

Car Dekho works with eight car and motorcycle manufacturers directly which accounts for about 15-30 percent of their annual sales. It also has tie-ups with 50,000 car dealership in India. The funding round values Car Dekho to be around $400-$500 Million, and the company plans to use the funds to push insurance and financial businesses for used cars.

Car Dekho Co-founder Amit Jain reported to the Economic Times, “With the latest fundraise, we will continue to strengthen our domestic and international businesses and will aggressively work towards becoming the largest personal mobility ecosystem in the country"