CarDekho forays into unicorn club with $250 mn fundraise
- ByStartupStory | October 13, 2021
CarDekho, Indian research and e-commerce platform for new and used cars, became the latest start-up in India, the second-largest market in the world, to achieve unicorn status after raising $250 million in equity capital and debt financing to a value of $1.2 billion.
The deal, led by LeapFrog Investments with other new investors such as Mirae Asset, Franklin Templeton, Canyon Partners and Harbor Spring Capital, will make CarDekho India the 33rd unicorn in 2021 in a record year for financing startups. The first investors, Sequoia Capital and Sunley House have also invested.
The company said it would use the new funds to expand its used car and financial services business. According to the company, it also plans to expand its catalogue to more than 10,000 cars in the near future.
This makes CarDekho, after Cars24 and Droom, the third startup in the used car retail space to achieve unicorn status. Spinny is also on the cusp of becoming a unicorn, as the company is in most recent talks to raise $250.3 million from new and existing investors.
The current round gave CarDekho a 70% increase in valuation, last valued at nearly $700 million.
CarDekho had raised $70 million in its Series D funding round, led in December 2019 by Chinese investor Ping An Global Voyager Fund.
One of the first startups in India, CarDekho, has spread to more than 100 markets, he says. The startup, which buys cars from customers and then resells them, offers a catalogue of more than 3,000 certified used cars that can be purchased online.
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