Autotech Startup CarDekho Lands $70M Series D

Indian autotech startup CarDekho raised $70 million in its Series D round, according to a statement from the company.

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CarDekho makes it easier for customers to buy and sell new and used cars and obtain insurance. It’s something of a “one stop shop” for car ownership in India, as customers have a range of services and tools to choose from when they’re looking to buy or sell a car. Though it’s headquartered in Jaipur, India, it also operates with brands in Indonesia and the Philippines.

The company last raised money in January with its $110 million Series C, led by Capital G. CarDekho was founded in 2008 and raised its $15 million Series A in 2013. With the new Series D, CarDekho’s total funding comes out to $247.5 million, according to Crunchbase.

The new round was led by Ping An Global Voyager Fund, the foreign investment arm of China’s Ping An Insurance Group, and marks Ping An’s first investment in India. Sequoia Capital and Hillhouse Capital also participated in the round.

“Auto services are a core component of Ping An’s ‘finance + ecosystem’ strategy, reflected in our majority shareholding in Autohome in China,” Ping An Global Voyager Fund managing direct and COO Donald Lacey said in a statement. “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.”

The funding news comes on the heels of another growth move by CarDekho: the company acquired auto website Carmudi Philippines just last week for an undisclosed price. Carmudi Philippines marks CarDekho’s third acquisition to date, as CarDekho also bought Zigwheels in 2015 and Gaadi Web in 2014.

CarDekho competes with companies like Droom, CarTrade, and CarWale, according to Owler.

Photo courtesy of Unsplash.