Cardekho in discussions to raise $150 million
Cardekho is in discussions with investors to raise at least $150 million (about Rs 1,000 crore), in its largest fundraising event so far that could take it to the unicorn club.
Cardekho, which anticipates closing the ongoing funding round in the next few months, plans to utilize the resources to grow its newly launched e-commerce platform for selling used cars.
It had earlier raised $70 million at a valuation of $725 million in a Series D funding round led by Hong Kong-based Ping An Global Voyager in November 2019.
The fresh round is expected to value Cardekho at over a billion dollars, the criterion for a startup to be called a unicorn.
Co-founder Amit Jain stated the new platform has made the selling and purchasing of used cars easier. A potential buyer can test drive the car she likes for a week and then make a decision whether or not to buy it.
Cardekho is also providing a six-month warranty on engine and transmission, and offering roadside assistance and financing solutions among other things.
“We have received a very good response (on our online platform). The pandemic has only helped speed up the adoption of this model,” Jain, who is also Cardekho’s CEO, said.
Demand for used cars has grown since the onset of the pandemic, as people searched for private mobility options to decrease the risk of infection, but at a lower cost amid the economic contingencies.
Cardekho, which presently sells vehicles online in National Capital Region, Mumbai, and Bengaluru, is looking to extend operations to the top 20 cities by March 2022.
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