Online automobile classified platform CarTrade has raised Rs.185 crore from an affiliate of Warburg Pincus, a leading global private equity firm, and CarTrade’s existing investors, Canaan Partners and Tiger Global.
A statement from CarTrade said the infusion of capital will be used to diversify and strengthen CarTrade’s offerings for consumers and dealers.
“We are extremely happy to have Warburg Pincus on board as a partner,” CarTrade Founder and CEO Vinay Sanghi said in the statement, adding, “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 is among the country’s largest auto classified platforms. For used-car buyers, it offers a selection of over one lakh listings, price information and car certification, and for new car buyers, there are features such as reviews, on-road prices, car comparisons and latest news.
“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,” Nitin Nayar, Managing Director, Warburg Pincus India, said in the statement, adding, “Warburg Pincus is excited about the opportunity to partner with a talented team to further build on its position and to accelerate its growth plans.”
