Company Name : CarTrade
Funding Amount : $145 million
Investor(s) Temasek Holdings March Capital. .
Funding Round : Not Disclosed
Mumbai based CarTrade has raised $145 million from Singapore state investor Temasek Holdings and US based investment firm March Capital. Existing investor Warburg Pincus also participated in the round.
The raised capital will be used to fund the cash acquisition of CarWale which was close to $100 million and also expansion. It will also be utilized to diversify and strengthen CarTrade’s offerings for consumers and dealers.
“We are extremely happy to have Temasek and March Capital on board as partners together with existing investor, Warburg Pincus. This investment is a validation of CarTrade’s business model and growth plans in the Indian online auto space. The funds raised shall be used to further expand our services organically and through acquisitions. 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,” commented Vinay Sanghi, Founder and CEO, CarTrade.
The online automobile startup founded in 2010, had earlier raised $30 million in October 2014.