CarDekho Attains Unicorn Status With USD 1.2 Billion Valuation
Modified On Oct 13, 2021 02:11 PM By Praveen M.
Unicorn status is achieved when a company crosses USD 1 billion valuation, and Cardekho is among a very select few Indian companies to attain this highly coveted title
CarDekho, our parent company, has achieved “unicorn” status with a USD 1.2 billion valuation, making it one of the less-than-100-companies in India to achieve this honourable accolade. CarDekho is the 33rd Indian -- and the first Jaipur, Rajasthan-based -- company to achieve unicorn status in 2021.
Unicorn status is given to companies with over USD 1 billion valuation. The name, coined by venture capitalist Aileen Lee, aptly represents how rare such companies are, statistically.
CarDekho has raised USD 250 million in its latest round of funding, that included USD 200 million in Series E equity funding (this comes after Series A, B, C, and D rounds of funding), and a USD 50mn debt in its pre-IPO (before the company goes public) round. This is CarDekho’s largest ever amount raised, and will be used for enhancing the company’s growth in the used car business, financial services and insurance businesses. It will also be used to improve its product and technology functions, increase brand awareness, and expand into new markets.
The funding was led by LeapFrog Investments, a global impact investor specialising in financial services and healthcare. Other new investors were US-based Canyon Partners, Mirae Asset and Harbor Spring Capital. The company’s existing investors include Sequoia Capital India and Sunley House, with the former having led the Series A round in 2013, and Series C in 2018.
CarDekho has exceeded USD 100 million revenue in September 2021, and its insurance arm has crossed the breakeven point as well. Presently, the company buys cars from customers in over 100 markets and has a catalogue of over 3,000 certified pre-owned cars for online purchase.
With the new round of funding CarDekho will be expanding its footprint in the used car business, and is set to enhance its catalogue to 10,000 cars in the near future. The company plans to expand across India with retail hubs that will focus on both used car buying and selling.
With the fresh injection of capital, CarDekho also plans to expand its international reach. The company is currently present in India, Indonesia and Philippines, and its auto and non-auto products are used in over 30 countries globally.
Commenting on the achievement, Amit Jain, Co-founder and CEO, CarDekho, said, “CarDekho, from being a car research portal, has evolved to become a complete ecosystem for car buying, lifecycle management and selling. We are committed to empowering our customers and providing them with a convenient and hassle-free experience. The new fundraise will help us expand our Used Car transactions and Financial services businesses. The trust and conviction of our investors will help us to accelerate our growth plans whilst we provide our customers with an experience that will continue to re-define car buying and selling.”