India: CarTrade said to be raising $42.8m in Series H Round

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.

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.