Bengaluru-based Tekion, developer of a cloud-native automotive SaaS platform-Automotive Retail Cloud, on Tuesday, announced a Series D financing round of $250 million, which pushed the firm's valuation to over $3.5 billion.
The funding round was led by Alkeon Capital and co-led by Durable Capital. Other investors who participated in the round included Hyundai Motor Company and dealer groups from the U.S. Advent International who led Tekion’s Series C and Index Ventures who led Series A were also part of this round, said Tekion in a statement.
Tekion would invest this additional capital towards accelerating its ARC platform rollout to dealers globally, setting up a customer experience centre, expanding product innovation hubs in California and Texas and fund its product innovation expansions activities in India.
Jay Vijayan, Founder and CEO of Tekion said, “We have experienced phenomenal market acceptance during the past year. This strong round of funding validates industry and investors’ belief in Tekion’s disruptive innovations.''
ARC, which claims to have the potential to replace legacy automotive dealer management systems, uses big data, machine learning, and AI to seamlessly bring together OEMs, retailers/dealers and consumers.
