Automobile classifieds portal CarTrade.com has raised Rs 321 crore ($42.5 million) from two of its existing investors in its Series H round of financing.
Inc42 first reported the development citing regulatory filings that Singapore state investment firm Temasek Holdings and US-based private equity firm Warburg Pincus participated in this round.
The online auto classifieds platform provides customers and sellers with an interface for buying and selling new and used vehicles.
It claims to sell over one million vehicles a year. More than 40 original equipment makers (OEMs) and 15,000 dealers work with the entity which has over 180 owned or franchise stores.
The firm had raised Rs 370 crore in a funding round in 2017 led by Temasek Holdings and a US family office.
In January 2016, CarTrade had secured Rs 950 crore ($145 million then) from Temasek Holdings, US-based March Capital and existing investor Warburg Pincus.
CarTrade had posted net sales of Rs 243.2 crore for 2018-19 as against Rs 123.5 crore a year before. In fact, it achieved operational breakeven in 2018-19, as per VCCEdge, the financial data platform of Mosaic Digital.
Investments in used-car segment
Besides CarTrade, the used-cars segment in India has a few other significantly funded firms like vertical players CarDekho and Cars24 and horizontal players like Droom.
In December 2019, auto portal CarDekho.com raised $70 million in its Series D round of funding led by Hong Kong-based growth-stage investor Ping An Global Voyager Fund.
In October, Cars24 Services Pvt. Ltd raised $100 million in a Series D funding round from both existing and new investors.
In September, car marketplace Truebil raised about Rs 7.1 crore from Japanese venture capital firm Spiral Ventures. The Mumbai-based company said it would use the funds to strengthen its technological infrastructure.
Some other players in the segment include Spinny, which raised Rs 92 crore in May as part of its Series A funding from SAIF Partners and Accel. Droom had secured about Rs 220 crore in its Series E funding round late last year.