Private Equity Fund Investments
Cardekho raises $250-M led by Leapfrog Investments; enters Unicorn club
Jaipur-based Girnar Software, which operates automobile portal Cardekho, has become the latest entrant to the unicorn club closing a USD 250 million round of funding led by Leapfrog Investments. US-based Canyon Partners, Harbor Spring Capital, Mirae Asset, Franklin Templeton also participated in the round, along with existing investors Sequoia Capital India and Sunley House. The round, which includes USD 200 million Series E equity and USD 50 million as debt, values Cardekho at USD 1.2 billion. Cardekho, which buys cars from customers and then sells them, offers a catalogue of more than 3,000 certified pre-owned cars for online purchase. It also helps customers obtain loans and insurance coverage on cars they purchase from the platform. The firm claims to have crossed USD 100 million in revenue run-rate in the last month, its financial services business is already profitable, while that of insurance has reached the “breakeven†point. It works with over 3,500 new auto dealers and over 4,000 used car dealers, traders and entrepreneurs. The new funds will be utilised to grow the company's used car, financial services and insurance businesses, besides expand into new markets. Cardekho, which sells vehicles online in the Delhi NCR, Mumbai and Bengaluru, plans to expand operations to the top 20 cities in the country by March 2022.
From the Venture Intelligence PE-VC Deal Database: Between Nov-13 and Dec-19, Cardekho had raised more than USD 250 million from Ping An Global Voyager Fund, Hillhouse Capital, Advent International, Sequoia Capital India, Trifecta Capital, CapitalG, Tybourne Capital and Ratan Tata (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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