Ping An Global Voyager Fund leads $70m funding in India’s CarDekho

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Ping An Global Voyager Fund, part of the Ping An Insurance (Group) of Company of China Ltd,  has led the Series D funding round of $70 million in Indian automobile classifieds platform CarDekho, per an announcement on Thursday.

The investment marks Ping An’s first venture bet in India.

Sunley House Capital Management, a subsidiary of global private equity firm Advent International, also participated in the round along with existing investors Sequoia Capital and Hillhouse Capital. Sequoia India is one of the early investors in CarDekho, having led the Series A round in 2013.

With this new round of capital, CarDekho has raised more than $250 million so far.

CarDekho, which also has operations in Indonesia and the Philippines, will use the funds to strengthen its transaction businesses and expand its international footprint.

“Auto services are a core component of Ping An’s ‘finance + ecosystem’ strategy, reflected in our majority shareholding in Autohome in China. We have been extremely impressed with the business CarDekho has built in India, particularly its success in developing different types of financial services offerings to address car buyers’ needs,” said Donald Lacey, Managing Director and COO of the Ping An Global Voyager Fund.

Established in 2017, Ping An Global Voyager Fund is a Hong Kong-based investor, which typically invests between $15 million and $50 million in its portfolio company. The fund has so far invested approximately $250 million across Europe, Asia and North America.

Founded in 2008, CarDekho group operates several auto sites such as CarDekho.com, Gaadi.com, ZigWheels.com, BikeDekho.com, PowerDrift.com and more. It recently launched an online insurance portal called InsuranceDekho.com offering services in motor and health insurance.

The company marked its foray into the Philippines market with the acquisition of local operations of CarMudi recently. It launched in Indonesia in 2016 under the brand name OTO.com.

“As a leading full-stack autotech company in India, we at CarDekho are committed to helping consumers throughout their car-buying journey. With the latest fundraise, we will continue to strengthen our domestic and international businesses and will aggressively work towards becoming the largest personal mobility player in the country,” said Amit Jain, CEO and co-founder, CarDekho Group.

The company claims to be working with over 4,000 new auto dealerships and 3,000 used car dealers across India influencing more than 42 per cent of the retail sales happening through their counters. In addition, it works in collaboration with more than 10 financial institutions and 18 insurance companies across the country.

CarDekho recently announced its H1 results for FY 19-20, and claimed that the overall revenue of the company achieved year-on-year growth of 92 percent at $28 million compared with the same period a year ago.

The market for pre-owned cars registered a growth over the past few years from 0.8 times of new cars in 2012 to 1.2 times in 2018-19 fiscal, according to a recent report by Edelweiss Securities. It currently stands at about $25-$30 billion.

Other players operating in the space include Cars24, CarTrade, Droom, and Spinny.

Last month, Cars24 announced that it had raised as much as $100 million (about Rs 714 crore) from a slew of new and existing investors. The company is understood to have raised as much as $100 million across multiple rounds earlier.

CarTrade last raised funding of $55 million in its Series G round of funding led by Singapore-based investor Temasek in February 2017. The company has reportedly raised about $240 million in funding to date.

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.