Online automobile classified company CarTrade, which had bought its rival CarWale.com last November, has raised $145 million in a fresh round of funding led by Temasek Holdings, US-based March Capital along with existing investor Warburg Pincus.
The new funding will be used to expand its services organically and through acquisitions, the Mumbai-based company said on Wednesday.
This is the second largest investment in an Indian online classified business after Quikr’s $150 million that it raised last year.
CarTrade had earlier raised $30 million in 2014 from Warburg Pincus, Tiger Global and Canaan Partners. Temasek Holdings had earlier invested in Indian tech start-ups including online marketplace Snapdeal, Zomato and has a stake in PolicyBazaar.com.
“This investment is a validation of CarTrade’s business model and growth plans in the Indian online auto space. 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,” said Vinay Sanghi, founder and CEO, CarTrade.
Started in 2009 by Vinay Sanghi, the company after acquiring CarWale claims to be the largest auto classifieds platform in India. CarTrade claims it lists over two lakh used cars for sale and auctions over 250,000 vehicles to the wholesale market every year.
CarTrade will also focus on its bike sales through BikeWale, a subsidiary of CarWale that came as a part of the acquisition deal late last year.
Earlier, Ratan Tata had invested an undisclosed amount in Cardekho.com, which competes with CarTrade.