Existing private equity investor Warburg Pincus too participated in this new round.
This comes close on the heels of CarTrade buying majority stake in rival CarWale for around $90 million.
“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 CEO, CarTrade.
CarTrade, established in 2010 by Vinay Sanghi and Rajan Mehra, provides buyers and sellers a structured platform for buying and selling new and used vehicles. The company counts JP Morgan and Epiphany Ventures also as its shareholders.
“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,” said Sumant Mandal, Managing Director, March Capital.
CarTrade along with CarWale, claims to have over 32 million visits per month and works with around 10,000 new and used car dealer partners. It lists over 225,000 used cars for sale and auctions, and over 250,000 vehicles to the wholesale market every year.
In the online car selling business, another big player is CarDekho, which is also in the process of closing around $22-$30 million funding round.
Online car selling portals contribute a big chunk of total car sales in India. Last year, total car sales touched 2 million units, breaking the record of 1,998,703 units in 2012.