CarTrade raises $55 mn to fund acquisitions

Will use funds to buy smaller firms in used and new car space, and for car financing

Online automobile classifieds platform CarTrade has raised $55 million (around Rs 360 crore) led by Temasek, an investment company based in Singapore, alongside a large US family office. The company said that the funds would be used to support CarTrade's growth plans through acquisitions.

The acquistions could be smaller companies in the used and new car ecosystem, technology or product companies that add value to CarTrade's current offerings, as well as on its new initiatives like car financing, informed Vinay Sanghi, founder and chief executive officer, CarTrade.

Following its merger with Carwale in January 2016, CarTrade has become India's largest auto classifieds