)
Mumbai-based CarTrade, provider of online auto classifieds platform in India, has raised Rs 185 crore led by an affiliate of Warburg Pincus, a leading global private equity firm focused on growth investing, with participation from existing investors Canaan Partners and Tiger Global. This infusion of capital will be utilised to diversify and strengthen CarTrade’s offerings for consumers and dealers.
CarTrade claims to be one of India’s largest auto classifieds platforms for used car buyers, the platform offers a selection of over 100,000 listings, price information and car certification. For new car buyers, there are a host of features such as reviews, on-road prices, car comparisons and latest news.
“We are extremely happy to have Warburg Pincus on board as a partner. The funds raised shall be employed to further expand our services to help us offer our consumers and dealers a seamless online experience. We also plan to focus significantly on the mobile space and provide products and services, which will be best in class and in many cases the first of its kind,” commented Vinay Sanghi, Founder and Chief Executive Officer, CarTrade.
CarTrade is owned and operated by MXC Solutions. Nitin Nayar, Managing Director, Warburg Pincus India said, “We see tremendous potential in the Indian automobile market. CarTrade is one of the most innovative platforms in the online auto sector, and has shown strong growth momentum in the last couple of years. Warburg Pincus is excited about the opportunity to partner with a very talented team to further build on its position and to accelerate its growth plans.” Warbug has earlier invested in Quikr.
