Mumbai based CardTrade.com, one of India's leading online auto classified portal has raised Rs.185 crore from an affiliate of Warburg Pincus, a leading global private equity firm with participation from existing investors
Canaan Partners and Tiger Global existing investors, Canaan Partners and Tiger Global.
A statement from CarTrade said the fresh capital will be used to diversify and strengthen the company's offerings to consumers and dealers.
"We are extremely happy to have Warburg Pincus on board as a partner," CarTrade Founder and CEO Vinay Sanghi said in the statement, adding, "the funds raised shall be employed to further expand our services to help us offer our consumers and dealers a seamless online experience. We also plan to focus significantly on the mobile space and provide products and services, which will be best in class and in many cases the first of its kind."
Warburg Pincus India Managing Director Nitin Nayar said his company sees "tremendous potential in the domestic automobile market. CarTrade is one of the most innovative platforms in the online auto sector, and has shown strong growth momentum in the last couple of years."
Warburg Pincus is focused on growth investing and has over $ 39 billion in assets under management spanning over 125 companies.
CarTrade.com is one of India's leading online automotive market for buyers and sellers of new and used vehicles. It offers a selection of over 1,00,000 listings, price information and certification for used cars. For new buyers, it offers reviews, on-road prices, car comparisons and latest auto news. Car auctions done at CarTrade.com portal take place across more than 80 cities with over 1200 dealers participating in these auctions.
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