CarTrade raises Rs 185cr led by an affiliate of Warburg Pincus

Online auto classifieds firm, CarTrade today said it has raised Rs 185 crore led by an affiliate of Warburg Pincus with participation from existing investors Canaan Partners and Tiger Global.
This infusion of capital will be utilised to diversify and strengthen CarTrade's offerings for consumers and dealers, the company said in a statement.
Commenting on the development, CarTrade Founder and CEO Vinay Sanghi said: "We are extremely happy to have Warburg Pincus on board as a partner. The funds raised shall be employed to further expand our services to help us offer our consumers and dealers a seamless online experience."

He further said: "We also plan to focus significantly on the mobile space and provide products and services, which will be best in class and in many cases the first of its kind."
Warburg Pincus India Pvt Ltd Managing Director Nitin Nayar said the company sees potential in the Indian automobile market.
"Warburg Pincus is excited about the opportunity to partner with a very talented team to further build on its position and to accelerate its growth plans," he said.