Welcome Guest

Businessex.Com
Home News CarDekho.com raises $50M as second round of funding

CarDekho.com raises $50M as second round of funding

Tags: CarDekho.com, GirnarSoft, Tybourne Capital, Sequoia Capital, fund, Gaadi.com

January 28, 2015 | COMMENTS ( 0 )

CarDekho.com raises $50M as second round of funding

CarDekho.com, the flagship portal of GirnarSoft has raised USD 50 Million as second round of funding. The funding was led by Hillhouse Capital with participation from Tybourne Capital and Sequoia Capital.

“The single transaction funding was concluded early this week. Elara Capital acted as the exclusive financial advisor to the transaction. With this the parent company Girnar Software is now valued at USD 300 Million, said the press statement.

Amit Jain, CEO and Co-Founder, GirnarSoft, said, “Together, CarDekho.com and Gaadi.com are by far the largest players in online auto classifieds space by revenue and traffic in the country. Our vision is to be company with global footprint through our innovative products and services.”

“This is the largest quantum of fund raise in this segment in India so far. We see the second round of investment as an endorsement of our strategy and progress so far. Our revenues have grown three-fold since 2013 when we received our first round of funding from Sequoia, and we are doubling our lead generation Y-O-Y. This is the time we are looking to rapidly expand our business and therefore the funding adds to our fast paced growth in the online auto portal segment,” he further added.

David Rhee, partner, Hillhouse Capital, said, “We see tremendous growth opportunities in the online automobile classified market in India.  CarDekho, as the clear leading player in this space, is the best positioned to take advantage of this market.  We are in the early stages of the development of the auto industry and its transition to online.  We are excited to be partnering with such an exceptional management team to continue to build and grow this business over the long term.”

Eashwar Krishnan, portfolio manager, Tybourne Capital, said, “We have a substantial amount of capital invested across global classified assets and are excited to add CarDekho to our portfolio. We view CarDekho as a direct comparable to Autohome in China (another Tybourne investment), and as the leader in the space, we expect CarDekho to capture a substantial portion of the auto classifieds market in India. We look forward to partnering with the management team as the company moves into its next phase of growth.”

Shailesh Lakhani, Partner, Sequoia Capital, said, “CarDekho has redefined the purchase experience for car buyers in India.  Led by Amit and Anurag, the company has assembled one of the best internet teams in India.  We are excited to welcome Hillhouse and Tybourne as new investors to CarDekho and their support as we continue the journey to building a large internet auto company.”
The automobile space has created the largest market value among vertical classifieds and globally public and private companies in the space are together valued at over USD 50 Billion. 

The release stated that given the fact that India is soon to become the third largest car market in the world, CarDekho.com, which is India’s undisputed No.1 player, is poised to create significant value for its shareholders.

Hillhouse Capital is a USD 18 Billion fundamental equities investment firm. Hillhouse invests globally across the consumer, Internet, healthcare, and industrials sectors. The firm was founded by Lei Zhang in 2005. Hillhouse’s investment strategy is to work with the entrepreneurs to build scalable businesses for the long-term. This particular investment in GirnarSoft was led by David Rhee who leads international investments for the firm and will join Girnar Software’s board. 

Tybourne Capital is the Asia focused hedge funds and manages USD 3 Billion in assets. The fund is led by Eashwar Krishnan and has a special focus on technology, media and internet companies. Based in Hong Kong, Tybourne has made investments across ecommerce (Snapdeal, Uber, Amazon, ASOS), online media (Autohome, Naspers, Tencent) and enterprise software (Palantir) companies.

Please add your comment

Rating
Not readable? Change text.
Enter the characters as seen on the image (case insensitive)
  Notify me of followup comments via e-mail   Subscribe for daily newsletter

Other NEWS

Delhi based startup i2e1 raises $5,00,000

Delhi based startup i2e1 raises $5,...

December 10, 2015

Delhi-based i2e1, a smart network player platform which aims to provide low-cost and free internet to consumers and actionable ana....

Cab aggregators collaborate with state governments to boost entrepreneurship

Cab aggregators collaborate with st...

November 06, 2015

Ola and Uber, cab aggregators have signed agreements with Rajasthan government for skill development and creation of entrepreneuri....

Phase II of startup incubator T-Hub to be operational soon

Phase II of startup incubator T-Hub...

November 04, 2015

Telangana government is planning to expand T-Hub, its ambitious incubator programme, in its second phase with about Rs 150 crore i....

Sabse Technologies receives investment from Ratan Tata

Sabse Technologies receives investm...

November 04, 2015

Global telecom carrier, Sabse Technologies Inc, started by Hotmail Founder Sabeer Bhatia today announced that Tata Sons' Chairman ....

Mobile startup BlackNGreen seeks international expansion

Mobile startup BlackNGreen seeks in...

November 02, 2015

Buoyed by a strong demand for value added services, mobile startup BlackNGreen is eyeing revenue of Rs 350 crore in the next one y....

Startups seek better future under Hay Group's programme

Startups seek better future under H...

October 30, 2015

Global management consultancy, Hay Group will help 100 selected entrepreneurs transform their startups into successful companies o....

Quintype raises USD 3.25 million for product enhancement

Quintype raises USD 3.25 million fo...

October 27, 2015

Quintype, a data-driven publishing company raised USD 3.25 million to enhance product and business development. ....

Hospitality aggregator startup Qik Stay raises $250K

Hospitality aggregator startup Qik ...

October 27, 2015

Delhi-based Qik Stay, a hotel branding and aggregator startup, has raised $250K in seed round of funding from venture capital firm....

Milk Mantra targets a turnover of Rs 150 crore this fiscal

Milk Mantra targets a turnover of R...

October 26, 2015

Odisha-based startup dairy firm, Milk Mantra is targeting a turnover of Rs 150 crore this fiscal.....

Vista Rooms creates app on Instagram, targets tier II & III cities

Vista Rooms creates app on Instagra...

October 23, 2015

Mumbai-based online budget accommodation aggregator, Vista Rooms has created an app-like experience on Instagram where travellers ....

Jiyo Natural receives funding from Indian Angel Network

Jiyo Natural receives funding from ...

October 23, 2015

Indian Angel Network (IAN) has invested an undisclosed amount in Bengaluru-based consumer health food startup, Jiyo Natural.....

​​Vodoo raises USD 1 million from SAIF Partners

​​Vodoo raises USD 1 mi...

October 15, 2015

Deals and price comparison application, Vodoo has raised USD 1 million (around Rs 65 lakh) from SAIF Partners in a seed funding ro....

IBM launches public data centre in Chennai, partners with Nasscom to boost start ups

IBM launches public data centre in ...

October 15, 2015

Technology giant, IBM today launched public data centre in Chennai to tap into growing demand from financial services and governme....

For Nasscom, PPP will boost startups in India

For Nasscom, PPP will boost startup...

October 14, 2015

In the wake of some reservations over the central government creating startup funds, Nasscom's "10,000 startups" Vice President, R....

WalmartLabs to seek partnership with Indian startups

WalmartLabs to seek partnership wit...

October 14, 2015

WalmartLabs, the digital arm of US-based retailing major Walmart Stores, is scouting for startups in India for partnership and wor....