CarTrade.com raises Rs185 crores from Warburg Pincus
13 October 2014
Indian online auto classifieds platform CarTrade.com has raised Rs 185 crores led by an affiliate of global private equity firm Warburg Pincus, with participation from existing investors Canaan Partners and Tiger Global.
This capital infusion of will be utilised to diversify and strengthen CarTrade's offerings for consumers and dealers.
CarTrade.com is one of India's largest auto classifieds platforms with several unique offerings. For used car buyers, the platform offers a deep selection of over 100,000 listings, price information and car certification, which makes the buying process easy and reliable. For new car buyers, there are a host of features such as reviews, on-road prices, car comparisons and latest news.
"The funds raised shall be employed to further expand our services to help us offer our consumers and dealers a seamless online experience," aid Vinay Sanghi, founder and chief executive officer, CarTrade.com. "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."
Nitin Nayar, managing director, Warburg Pincus India Private Limited, "We see tremendous potential in the Indian 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 excited about the opportunity to partner with a very talented team to further build on its position and to accelerate its growth plans.''
CarTrade.com provides buyers and sellers of new and used cars a platform to remain up to date with latest car news, reviews and prices, and a host of research tools, price index information and a growing dealer network.