Automobile marketplace CarDekho, which became a unicorn when it raised $250 million as a part of its Series E fundraise in 2021, has raised $60 million (over Rs 500 crore) for CarDekho SEA, the first external funding round of its Southeast Asia unit.
The funding, led by private equity fund Navis Capital Partners, Liquidity Group and MUFG-backed investment platform Dragon Fund, will be used to boost CarDekho’s existing capabilities and presence in the region.
The latest deal takes CarDekho SEA’s total funding to $100 million, with its parent company infusing $40 million previously.
“We're thrilled and deeply grateful for this funding, which validates our belief in the power of our unique approach,” said Amit Jain, co-founder and CEO of the CarDekho Group. “By replicating our Indian playbook for international markets, we’ve been able to understand and solve consumer needs across diverse cultures and regions.”
Founded in 2008 by siblings Amit and Anurag Jain, CarDekho Group started as a car discovery platform for both new and old four-wheelers and ventured into the pre-owned car retail market, and recently launched its lending vertical Rupyy. Currently, the group operates a diverse auto and financial services ecosystem.
The SEA entity, headquartered in Singapore, was set up in 2020. Through brands such as OTO Indonesia, Carmudi & Zigwheels Philippines, CarDekho SEA offerings include services such as used car finance and refinance loans, dealer inventory funding, and classifieds.
It has a presence in markets across Indonesia, the Philippines, Singapore, Malaysia, Thailand, and Vietnam.
CarDekho SEA claims to have disbursed loans of over $1 billion since its inception until FY24.
The funding will help CarDekho build its ecosystem in SEA further by adjacent offerings in auto insurance, extended warranties, and electric vehicle financing.
“We have closely followed and have been impressed by CarDekho Group’s journey in India and are confident that under Umang’s leadership, CarDekho SEA will be able to leverage the Group’s India expertise and playbook to build the leading auto financials services marketplace in Southeast Asia,” said Ridhi Chaudhary, Chief Investment Officer at Dragon Fund.
The company aims to grow its capabilities across used car financing and classifieds, as it expands its business-to-business-to-consumer model.
“This investment validates our progress in used auto financing in Indonesia while empowering us to accelerate our expansion to become the largest, fastest, and widest auto financial services marketplace in the region,”said Umang Kumar, co-founder and CEO of CarDekho SEA.