Mumbai, Jan 13 (IANS) Online auto classifieds platform CarTrade on Wednesday announced raising Rs.950 crore from Temasek, March Capital and existing investor Warburg Pincus.
“We are extremely happy to have Temasek and March Capital on board as partners along with existing investor, Warburg Pincus. This investment is a validation of CarTrade’s business model and growth plans in the Indian online auto space,” Vinay Sanghi, company founder and CEO, said in a statement.
The latest funding led by Singapore-based investment company Temasek will be utilised to diversify and strengthen CarTrade’s offerings to dealers and consumers.
“We will continue to focus on products, services and strengthening our world-class technology capabilities and platforms to deliver a seamless online experience for auto enthusiasts across the country,” added Sanghi.
Founded by Sanghi in 2009, the online auto classifieds platform attracts 32 million visits per month and works with nearly 10,000 new and used car dealer partners, the statement said.
In November 2015, CarTrade acquired rival CarWale in a full-cash deal for about Rs.590 crore. Its other existing investors include JP Morgan and Epiphany Ventures.