CarDekho has announced an investment in the company by HDFC Bank. This investment comes on the heels of a Series B funding of USD 50 million from Hill House Capital, Tybourne Capital, Sequoia and Mr. Ratan Tata.
“We expect digital to have a 25% share of auto loan financing within the next four years and are looking to facilitate a billion dollar of auto loans through CarDekho. Used Car Finance is a classic blue ocean market and CarDekho & HDFC Bank can together build that market. This investment by HDFC Bank is a validation of CarDekho’s leadership as a destination for car buyers and the enabling role we can play in transforming online auto finance,” said Umang Kumar, President, CarDekho & CEO, Gaadi.com.
The total size of the Indian car loan market is Rs.80,000 crore & HDFC Bank is a clear leader with 35% market share. CarDekho boasts of over 17 million visits on its portal every month which constitutes 10 million unique buyers. Further, close to 75% of the car buyers on CarDekho opt for a financing option.
In CarDekho and Gaadi, we see an integrated business across new cars and used cars. It is led by a passionate team, determined to provide one stop car purchase solutions to Indian car buyers,” said Rakesh Singh, Group Head, Investment Banking, Capital & Commodity Markets, HDFC Bank.
With nearly 5000 dealer partners, CarDekho & Gaadi claim to have the largest pan-India car dealer footprint amongst all auto portals.
“This unique partnership with HDFC Bank will help provide the Indian consumer a seamless experience in buying cars and obtaining financing. We want every car buyer in this country to have a pre-approved loan before they even finalise the vehicle that they are seeking. This partnership will re-define how consumers avail new and used car loan finance,” said Amit Jain CEO, Girnarsoft.