CarTrade, the online automobile classifieds platform, has raised $55 million from Singapore-based investment firm Temasek. The funding round conjointly witnessed the participation of a giant USA family workplace. The capital will be used to support CarTrade’s growth plans through acquisitions, expansion into new areas such as machine finance, and to further sharpen its services to shoppers, dealers, and OEMs.
Last year, CarTrade had raised Rs 950 crore LED by Temasek and March Capital, a global venture investment company, with the participation of international private equity firm Warburg Pincus. Existing investors in CarTrade include Warburg Pincus, Temasek, JP Morgan, and March Capital.
In October 2014, CarTrade had raised $30 million from Warburg Pincus, Tiger Global, and Canaan Partners. Other existing investors conjointly embody JP Morgan and Epiphany ventures. In November 2015, CarTrade and Carwale had announced a merger, with the latter’s investor Axel Springer exiting from the company.
Post the January 2016 merger, CarTrade claimed to become India’s largest auto classifieds platform. The combined entity now claims to witness fifteen million distinctive customers per month and has partnered with about 8,000 new and used car dealer partners. The platforms currently lists additional than 2,00,000 used cars for sale and auctions over 2,00,000 vehicles to the wholesale market every year.
CarTrade.com directly competes with players like Gaadi.com, CarDekho, ZigWheels, Oncars.in, and Motor Trends.in. Some interesting startups in the secondhand or used vehicle house area unit SAIF Partners-backed Zoomo (which recently ordered off one hundred thirty employees), Eight Roads-backed CredR, and Lightbox-backed Droom. Classifieds sites like OLX and Quikr are conjointly indirect competitors as they need machine sections.