Google Capital has co-led a $15m funding round for the car marketplace, after having been rumoured in December 2015 to be in talks for a $30m round.
India-based online automotive marketplace CarDekho has received $15m in a funding round led by Google Capital, the growth equity arm of diversified conglomerate Alphabet, YourStory has reported.
Some existing shareholders, including investment firm Hillhouse Capital, returned for the round, which is expected to be confirmed officially later this month. Google Capital was originally rumoured in December 2015 to be in talks with CarDekho to lead a $30m round.
Founded in 2008, CarDekho is a subsidiary of e-commerce company Girnar Software that operates a marketplace for car owners to sell their vehicles to others. The platform also offers price comparisons, reviews and contact details of dealerships, on top of financing options and insurance products.
The money will go towards both domestic growth and an expansion into several undisclosed markets across the Asia and Asia Pacific region.
Financial services firm HDFC Bank previously invested an undisclosed sum in May 2015 as part of a partnership agreement that lets CarDekho’s users apply for car financing through the bank.
Hillhouse, hedge fund Tybourne Capital, venture capital firm Sequoia Capital and Ratan Tata, former chairman of industrial conglomerate Tata, injected $50m in series B capital in January 2015 at a $300m valuation, after Sequoia had invested $15m in a 2013 series A round.
