Ping An, which is based in China and is one of the world's largest financial services companies, holds majority stake in Autohome, which is the China's largest auto portal. Sequoia India is one of the early investors in CarDekho, having led the Series A round in 2013.
The company said that these funds will be used to strengthen its transaction businesses and expand its international footprint. CarDekho recently started its operations in the second country in Southeast Asia by acquiring the Philippines operations of Carmudi. The first was Indonesia, where it started operations in 2016 under the brand name OTO.com, which has since become the number one new auto portal in the country.
The company claims all car and motorcycle manufacturers engage with CarDekho and that it accounts for 15-30 per cent of some of its partners' sales. CarDekho also works actively with over 4,000 new auto dealerships and 3,000 used car dealers across India, influencing more than 42 per cent of the retail sales happening through their counters.
In addition, the company also works in collaboration with more than 10 financial institutions and 18 insurance companies across the country to facilitate used-car financing and insurance to provide a seamless experience for both buyers and sellers.
The company recently announced its H1 results for 2019-20. The overall revenue of the company achieved a YoY growth of 92 per cent over the first half of the last fiscal year and stood at US$ 28 million. The company's new auto business segment posted a significant growth at 30 per cent amidst the slowdown in new auto sales across India. Its insurance and warranty business grew 525 per cent. The used-car and financial services businesses grew by 120 per cent and 135 per cent, respectively.
"With the latest fundraise, we will continue to strengthen our domestic and international businesses and will aggressively work towards becoming the largest personal mobility ecosystem in the country," said Mr Amit Jain, CEO and co-founder, CarDekho.
"Auto services are a core component of Ping An's 'finance + ecosystem' strategy, reflected in our majority shareholding in Autohome in China. We have been extremely impressed with the business CarDekho has built in India, particularly its success in developing different types of financial services offerings to address car buyers' needs," said Mr Donald Lacey, Managing Director and COO of the Ping An Global Voyager Fund. "The Global Voyager Fund’s stake in CarDekho represents Ping An's first venture investment in India, and we are delighted to partner with an organisation of CarDekho's caliber."
The RainMaker Group acted as the sole financial advisor to the company.
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