Online automobile classifieds platform CarTrade has raised $55 million led by Temasek, an investment company based in Singapore alongside a large US family office. Company said that this injection of capital will be used to support its growth plans through acquisitions, expansion into new areas such as auto finance and to further sharpen CarTrade's services to consumers, dealers and OEMs.
Following the merger of CarTrade with Carwale in January 2016, CarTrade is India's largest auto classifieds platform. The combined company claims to have about 15 million unique customers per month, a leadership in both used and new cars and partner with approximately 8,000 new and used car dealer partners.
The platforms list more than 200,000 used cars for sale and auctions over 200,000 vehicles to the wholesale market every year.
“The funds raised will be used to drive growth through continued focus on strengthening our dealer and customer services and evaluating potential acquisitions as we are aggressively looking at the market for used car finance with less than eight percent of used cars sold being financed through an organised financier,” said founder and chief executive officer CarTrade, Vinay Sanghi.
Warburg Pincus, Temasek, JP Morgan and March Capital are the existing investors in CarTrade.