Automotive Website Cardekho in Talks to raises $150 million from Ping An Global Voyager
CarDekho is an automotive website, which was launched in 2008 It is owned by Girnar Software Pvt. Ltd, which has its headquarters in Jaipur, India.
Cardekho will use the funds to expand its recently launched e-commerce platform for retailing used cars, which it expects to close in the next few months.
In November 2019, it raised $70 million at a valuation of $725 million in a Series D funding round led by Hong Kong-based Ping An Global Voyager. Cardekho is expected to be valued at more than a billion dollars in the new round, the threshold for a startup to be labelled a unicorn.
According to co-founder Amit Jain, the new platform has made it easier to sell and buy used cars. A prospective buyer can test drive the vehicle of his choice for a week before deciding whether or not to purchase it. Cardekho also provides a six-month warranty on the engine and transmission, as well as roadside assistance and financing options.
“We have received a very good response (on our online platform). The pandemic has only helped speed up the adoption of this model,” says, Jain, who is also Cardekho’s CEO.
Since the beginning of the pandemic, there has been an increase in demand for used cars as people sought personal mobility options that would reduce the risk of infection while also being less expensive in the face of economic uncertainty. Cardekho, which currently sells vehicles online in the National Capital Region, Mumbai, and Bengaluru, intends to expand to the top 20 cities by March 2022.
CarDekho was named 'Website of the Year 2012,' as well as 'Best Car Website' and 'Most Popular Website.' CarDekho was also named the 'Most Popular Automotive Website' in 2011 and the 'Best Automotive Website' in 2009.