CarDekho turns unicorn, valued at $1.2 billion in pre-IPO round; India’s 33rd unicorn in 2021 | It raised more than Rs 1884 crore through equity and debt, the company can bring IPO next year

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  • CarDekho Turns Unicorn, Valued At $1.2 Billion In Pre IPO Round; India’s 33rd Unicorn In 2021

New Delhi28 minutes ago

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CarDekho, a platform that sells used and new cars, has raised $ 250 million (about Rs 1884 crore) through equity and debt. With this, the valuation of the company has become 1.2 billion dollars (about 9 thousand crore rupees). It is believed that the company may be listed in the stock market next year.

Other new investors led by LeapFrog Investments include Mirae Asset, Franklin Templeton, Canyon Partners and Harbor Spring Capital. Its current investors include Sequoia Capital, Hillhouse Capital and CapitalG, the investment arm of Google’s parent company Alphabet.

CarDekho has become India’s 33rd Unicorn in 2021. A unicorn is called a startup whose valuation is at least one billion dollars. CarDekho was valued at around $700 million in the last funding round.

More than 3000 cars are present on the platform
CarDekho buys cars in over 100 markets and has over 3,000 cars on its platform with an annual revenue run rate of $100 million (approximately Rs 753 crore). CarDekho also has an insurance vertical, which recently launched a buyer focused platform.

Amit Jain, Cofounder and CEO, CarDekho, said that the sale of the new fundraise will help us expand our used-car transactions and financial services business.

The value was 6033 crores in 2019
At the end of 2019, the value of CarDekho was $ 800 million (about Rs 6033 crore). It was the most valuable company at that time. Its valuation was recently surpassed by Cars24 and Spinny. Cars24 funded by investors led by SoftBank and its value is $1.8 billion (about 13 thousand crore rupees).

CarDekho’s investors LeapFrog Investments, Sequoia and Sunly House Capital have this to say

  • Stewart Langdon, Partner at LeapFrog Investments and Co-Head, South Asian Investments, said, “Amit and the team have done a great job of building a leading digital platform in India’s auto-tech market. The business will continue to grow on its rapid growth trajectory owing to its exceptional growth strategy, which has now been achieved by increasing formalization, digitization and transparency to the segment.Car Dekho is an excellent platform for massive social impact, which Already making vehicles more accessible, affordable and reliable for over 3 million emerging consumers, improving access to mobility will help accelerate growth in other key sectors such as health and education.”
  • Shailesh Lakhani, Managing Director, Sequoia India said, “Amit, Anurag and the team at Car Dekho have built a business that has exceeded our initial expectations. Many of their business units hold leadership positions, and are now building further expertise in the used cars and financial services sectors where they are firmly located. The Sequoia India team has full confidence in its long-term success.
  • Abhinav Sherman, Director, Sunly House Capital, said, “We are excited to continue our support to Car Dekho and their mission to become the leading retail auto and financial services provider in Southeast Asia. Since our initial investment, the company has grown tremendously and has established itself as the largest take-auto platform in India. We are confident that this new investment will enable Car Dekho to tap the massive opportunities in auto insurance and accelerate their economic growth in the auto retail market.”

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