CarDekho raises USD 70 mn to expand operations

Auto portal CarDekho on Thursday said it had raised USD 70 million (about Rs 500 crore) in Series D funding, led by China’s Ping An’s Global Voyager Fund.

Ping An is one of the world’s largest financial services companies and is also the majority shareholder of China’s largest auto portal Autohome.

Sunley House Capital Management, a subsidiary of global private equity firm Advent International, also joined the funding round along with existing investors Sequoia India and Hillhouse.

“These funds will be used to further strengthen company’s transaction businesses and expand its international footprint,” CarDekho said in a statement.

The company recently started its operations in the second country in Southeast Asia by acquiring the Philippines operations of Carmudi.