Thursday, November 28, 2013: Girnar Software Private Limited which owns India’s #1 automotive marketplace CarDekho.com and a leading comparison shopping platform PriceDekho.com has raised USD 15 MM in funding from Sequoia Capital. The funds will be utilized to fuel Cardekho.com’s expansion plans.
The company has plans to launch an array of dealer focussed tools and services based out of mobile platform. Consumers can also expect an enhanced mobile app experience which will not only allow them to instantly click photos and list their used cars, but also enable them to connect with new and used dealers and read reviews on the go.
Shailesh Lakhani, Principal, Sequoia Capital India Advisors, will be joining the board of the company.
Apart from offering consumers with an online platform to list their used cars on a freemium model, CarDekho.com offers a variety of research tools, expert reviews, user reviews, on road prices in all cities along with pictures and list of dealers. It also offers an end-to-end solution by facilitating car finance and insurance options to its consumers.
CarDekho.com has gathered critical business momentum through its strategic partnerships with leading OEMs and accounts for 10% of national sales for them. CarDekho currently works with over 2000 new and used car dealers including leading organized retail used car dealers like Mahindra First Choice and Carnation.
Bikedekho.com (a similar portal for bikes) and Pricedekho.com (a price comparison site for gadgets) are newer offerings from Girnar Software.
“CarDekho is focused on creating an experience for consumers buying a new or used car and super-focused on creating business value to dealers across India. To make it an end-to-end solution, we also facilitate car finance and insurance. In this e-commerce era, where most start-ups are losing money, we are one of the few who are able to run real business which generates profits.” quoted Amit Jain & Anurag Jain – Joint Managing Directors of Girnar Software.
Shailesh Lakhani said, “India is one of the largest car markets in the world, and the purchase of a car is amongst the most considered decisions for a consumer. As most consumers begin their search for a new or used car online, Amit and Anurag have built the ideal product to help them research, compare, and begin a purchase transaction. We are delighted to partner with them to scale their business to new heights.”
Globally operating, emerging market focused investment bank Elara Capital was the sole financial advisor to the transaction.