Online auto classifieds platform CarTrade, operated by MXC Solution Private Ltd,
is raising Rs 321.7 crore from investors including Mauritius-based Highdell Investment, per a report by INC42.
This marks the Series H round of funding for the Mumbai-headquartered company, the report added.
The company, backed by Warburg Pincus, JP Morgan, Temasek, March Capital and Epiphany ventures, is so far understood to have raised Rs 950 crore in funding.
CarTrade provides buyers and sellers a structured platform for transacting in new and used vehicles. Since its inception in 2009-2010, the company claims to have created a strong network of over 4000 dealers.
Its business is currently divided into two parts. The first, CarTrade.com, is categorized as a consumer portal that enables users to buy and sell used or new cars. The second, CarTrade Exchange, is the dealer portal, which helps them manage their business operations.
The company counts Cardekho.com, and Droom Technology among its competitors.
CarTrade recently made headlines for its plan to apply for a non-banking finance company (NBFC) license. Per a separate report by The Economic Times, the move was to strengthen its presence in the $30 billion used car market in India. The report had also added that the company is looking to expand its operation through the inorganic route and is open to acquisitions.
The company is understood to have reported Rs 8.8 crore profit in the financial year ending March 20.