Auto classifieds platform CarTrade.com raises INR 185 crores funding led by Warburg Pincus
Online auto classifieds platform, CarTrade.com has raised Rs 185 crores led by an affiliate of Warburg Pincus, a leading global private equity firm focused on growth investing, with participation from existing investors Canaan Partners and Tiger Global. This infusion of capital will be utilized to diversify and strengthen CarTrade’s offerings for consumers and dealers.
CarTrade.com offers a deep selection of over 100,000 listings, price information and car certification, which makes the buying process easy and reliable for used car buyers. For new car buyers, there are a host of features such as reviews, on-road prices, car comparisons and latest news. The portal also provides a host of research tools, price index information and a growing dealer network.
Vinay Sanghi, Founder and Chief Executive Officer, CarTrade.com said,
The funds raised shall be employed to further expand our services to help us offer our consumers and dealers a seamless online experience. 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.
CarTrade.com competes with Gaadi.com and Carwaale.com which also bring car information to the finger tips of people interested in automobiles. Launched in April 2012, the site has information on 30,000+ used cars and has tied up with over 20 franchise stores across the country. While they provide information on both used cars and new cars, Vinay places his bet on the used cars space which he says will double in the next five years.
Warburg Pincus- an investment firm with >7% investments in Indian companies
Warburg Pincus is a US$39 billion fund with an impressive portfolio which is highly diversified by stage, sector and geography. Affiliates of private equity funds raised by Warburg Pincus have invested about US$3 billion in Indian companies. The firm's past and current investments in India include Ambuja Cements, Bharti Airtel, Biba Apparels, Havells, HDFC, Kotak Mahindra Bank, Lemontree Hotels, Piramal Healthcare, Quikr and Sintex. Nitin Nayar, Managing Director, Warburg Pincus India Private Limited commented,
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.
The firm is headquartered in New York with offices in Amsterdam, Beijing, Frankfurt, Hong Kong, London, Luxembourg, Mumbai, Port Louis, San Francisco, São Paulo and Shanghai.