 "Temasek, March Capital infuse Rs 950 cr in CarTrade")
CarTrade, an online automobile classifieds platform, has raised Rs 950 crore, led by Singapore-based Temasek and March Capital, a global venture investment firm, with participation from existing private equity investor Warburg Pincus. This injection will be utilised to diversify and strengthen CarTrade’s offerings for consumers and dealers, the company stated.
CarTrade had acquired peer CarWale last year. It claims 32 million visits per month and works with approximately 10,000 new and used car dealer partners. The platforms list 225,000 used cars for sale and auctions 250,000 vehicles to the wholesale market every year.
“We are 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,” said Vinay Sanghi, founder and chief executive officer.
Mohit Dubey, CEO of CarWale, added, “These are exciting times for us as the e-commerce sector is at a broad confluence of multiple macro trends. We are very excited about the opportunities presented by the sector in India and are well positioned to leverage these opportunities. At this stage of growth, we welcome Temasek and March Capital and this new financing will provide CarTrade with a strong foundation for future growth.”
Sumant Mandal, managing director of March Capital, said, “At March Capital, we believe the greatest companies of tomorrow are being built now. CarTrade has developed a unique and a world class platform for transacting in new and used vehicles. A leader in its segment, it has steadily expanded its offerings across India and today has an extremely strong network dealer partners with a rapidly growing user base. We continue to be impressed by the team’s dynamism, passion, energy and vision and look forward to working closely with the team to support the company in achieving its growth ambitions.”
CarTrade has been founded by Vinay Sanghi in 2009. Existing investors include Warburg Pincus, JP Morgan and Epiphany ventures.
CarTrade had acquired peer CarWale last year. It claims 32 million visits per month and works with approximately 10,000 new and used car dealer partners. The platforms list 225,000 used cars for sale and auctions 250,000 vehicles to the wholesale market every year.
“We are 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,” said Vinay Sanghi, founder and chief executive officer.
Mohit Dubey, CEO of CarWale, added, “These are exciting times for us as the e-commerce sector is at a broad confluence of multiple macro trends. We are very excited about the opportunities presented by the sector in India and are well positioned to leverage these opportunities. At this stage of growth, we welcome Temasek and March Capital and this new financing will provide CarTrade with a strong foundation for future growth.”
Sumant Mandal, managing director of March Capital, said, “At March Capital, we believe the greatest companies of tomorrow are being built now. CarTrade has developed a unique and a world class platform for transacting in new and used vehicles. A leader in its segment, it has steadily expanded its offerings across India and today has an extremely strong network dealer partners with a rapidly growing user base. We continue to be impressed by the team’s dynamism, passion, energy and vision and look forward to working closely with the team to support the company in achieving its growth ambitions.”
CarTrade has been founded by Vinay Sanghi in 2009. Existing investors include Warburg Pincus, JP Morgan and Epiphany ventures.