The CarTrade Group, India’s largest online automotive group, has raised Rs 325 crore from investors Temasek, Warburg Pincus and March Capital Partners. It plans to use these funds for its expansion into the auto finance space and to invest into companies in the automotive space.
Commenting on the fund raise, Mr. Vinay Sanghi, Founder & CEO, CarTrade Group added, “We are India’s only profitable online automotive platform and this investment is a recognition of the CarTrade Group’s performance, business model and growth plans. The funds raised shall be used to further expand, especially in the auto finance space and to make investments or acquire companies in the auto ecosystem to enhance our consumer offerings.“
The CarTrade Group consists of the companies, CarWale - leader in the new car and used car space, Shriram Automall (SAMIL) – leader in the auto auction space, BikeWale – leader in the two wheeler classified space and Adroit – leader in auto inspections and valuations, and various other companies.
These companies and their synergies have made the CarTrade Group the leader in the new car, used car and auction space. Over 22 million unique customers come to their platforms every month. The platform sells over 1 million vehicles a year. More than 40 OEMs and 15,000 plus dealers work with the CarTrade Group and it has over 180 owned or franchisee stores. The group is the only profitable online automotive platform in India and transacts approximately USD 3 Billion of GMV per year.
Warburg Pincus, Temasek, JP Morgan and March Capital Partners are the CarTrade Group’s key investors.