India: Auto classifieds platform CarTrade raises $142m led by Temasek & March Capital

Visual taken from CarTrade website

Automobile classifieds portal CarTrade has raised Rs 950 crore ($142.3 million) led by Temasek, a Singapore state fund, and global investment company March Capital, the company said on Wednesday.

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.

Also Read: India: Bumper raises $500k from SAIF Partners
India: Cardekho plans global  expansion, to acquire 5 portals by March 2016
India: Online auto marketplace CarDekho buys Zigwheels

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.