Two individuals of mint, who were aware of the discussion reported that CarDekho has raised $250 million to become unicorn as a part of its latest Series E fundraise at a valuation of approximately $1.2 billion.
Girnar Software-owned automobile portal CarDekho became the 33rd startup this year to join the unicorn club.
It is the second online car retailing platform with a valuation of over $1 Billion, after Cars24 which became a unicorn in 2020.
The round includes $200 million Series E equity and $50 million as debt in its pre-IPO round.
Private investment firm LeapFrog Investments led the round, with South Korea’s Mirae Asset Group and existing investors participating in it.
Sequoia Capital India, Hillhouse Capital, and CapitalG, the investment arm of Google-parent Alphabet Inc are some of the other investors in CarDekho.
Founded in 2008, CarDekho, sells vehicles, online in the National Capital Region, Mumbai, and Bengaluru, plans to expand operations to the top 20 cities in the country by March 2022, Amit Jain said, CEO & Cofounder of CarDekho.
The raised funding will be utilized to grow the company’s used car, financial services, and insurance businesses, besides expanding into new markets, said people aware of the development.
The company is aiming to retail a minimum of 4,000-5,000 vehicles every month on its platform by the end of this financial year.
The online car dealership has intensified in recent months specially used cars.
Investors are betting more in the CarTech startups such as CarDekho, Cars24, and many more.
Bhavish announced the launch of Ola Cars earlier this month. Cab aggregator and electric car manufacturer Ola aims to retail used cars with its Ola Cars platform.
This year has been very exciting and had passed in favor of Startups. CarDekho became the 33rd startup to turn unicorn and many unicorns are still coming in the remaining months of 2021.
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