CarDekho enters unicorn club with valuation of $1.2 billion

CarDekho announced that it has received $250 million (about Rs 1,881 crore) at a valuation of $1.2 billion. Becoming the first unicorn-based company in Jaipur, Rajasthan, it has joined the unicorn club with a valuation of $1.2 billion. In its pre-IPO round, the Jaipur-based firm said it raised $200 million in Series E capital and $50 million in debt.

The revenues will be utilised to accelerate growth in the used car transactions, financial services, and insurance sectors, establish robust product and technology functions, improve brand awareness, and expand into new areas, according to the company.

“The new fundraiser will aid in the expansion of our used car transactions and financial services businesses. Our investors’ faith and belief in us will enable us to accelerate our expansion ambitions while providing an experience for our consumers that will continue to redefine automobile purchasing and selling “Amit Jain, co-founder and CEO of CarDekho, said.

CarDekho presently acquires cars from clients in over 100 countries. It has an inventory of over 3,000 certified pre-owned vehicles available for purchase online.

The company wants to open retail hubs across India. It would concentrate on both used car purchase and certified pre-owned car retail transactions with buyers.

It presently operates in India, Indonesia, and the Philippines, with plans to grow internationally with the funding.

The company’s automotive and non-auto goods are now used in over 30 nations around the world.

LeapFrog Investments, a global impact investor focused on financial services and healthcare access, led the funding round.

Canyon Partners, Mirae Asset, Franklin Templeton, and Harbor Spring Capital, all based in the United States, were among the new investors.

Existing investors Sequoia Capital India and Sunley House increased their stakes in CarDekho, reinforcing their belief in the company.

Sequoia Capital India was an early investor in CarDekho, leading the Series A and Series C rounds in 2013 and 2018.