E-commerce platform CarTrade Monday said it has raised Rs.185 crore from global private equity firm Warburg Pincus.
According to the company, capital infusion will be utilised to diversify and strengthen its product offerings.
"We 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," said Vinay Sanghi, founder and chief executive officer, CarTrade.
Nitin Nayar, managing director of Warburg Pincus India said the company sees tremendous potential in the Indian automobile market.
"CarTrade is one of the most innovative platforms in the online auto sector, and has shown strong growth momentum in the last couple of years," Nayar said.
Currently, CarTrade also boasts of investments from Canaan Partners and Tiger Global.
