The auto classified portal recently acquired smaller rival CarWale for about US$80-90 million
The sound also saw participation from existing investor Warburg Pincus.
“The funds raised shall be used to further expand our services organically and through acquisitions. We will continue to focus on products, services and strengthening our world-class technology capabilities and platforms to deliver a seamless online experience for auto enthusiasts across the country,” said Founder and CEO Vinay Sanghi.
It is speculated that the money could also be used to fund the company’s acquisition of rival CarWale from German media conglomerate Axel Springer, announced in November last year. Though the financial details of the deal were not disclosed, media reported had pegged the deal size at around US$80 million-US$90 million.
Founded in 2009 by Sanghi, CarTrade is an auto classified portal. Together with CarWale, CarTrade has over 32 million visits per month and around 10,000 new and used car dealer partners. The platforms list more than 225,000 used cars for sale and auctions over 250,000 vehicles to the wholesale market every year.
Last year, CarTrade had raised US$30 million from Warburg Pincus, Canaan Partners and Tiger Global. JP Morgan and Epiphany Ventures are also investors in CarTrade.
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