CarDekho SEA Bags $60 Mn From Navis Capital Partners, Dragon Fund

Auto marketplace CarDekho Group’s southeast Asian entity has raised $60 Mn (around INR 509 Cr) in a fresh funding round from Navis Capital Partners and Dragon Fund.

Cofounder and president of CarDekho Umang Kumar told Inc42 that the fundraise valued the company between $300-400 Mn.

CarDekho SEA, the Southeast Asia unit and a subsidiary of CarDekho Group, is operating in the region of Indonesia and Philippines. CarDekho has also expanded to Southeast Asia with the launch of Zigwheels.ph, Zigwheels.my and Oto.com. 

The financing platform will largely use the newly raised capital to build out its existing business in Indonesia and Philippines and to gradually expand into new geographies, Kumar said.

He added that CarDekho SEA will grow its used car finance refinance and classifieds business in Indonesia and Philippines, while also entering new lines of business in these countries in areas of insurance, dealer inventory funding.

The company is also looking into new geographies in Southeast Asia in the second half of 2025 to the first half of 2026, Kumar said.

He added that with this initial round in equity, the company’s funding stood at more than $100 Mn, where the primary infusion was made by its parent CarDekho Group.

Since its launch, the company claims that it has experienced significant growth, with over 200,000 disbursements and over $1 Bn in loans disbursed.

This development comes at a time when the auto marketplace is pumped for its public listing in 2025. The company plans to file its draft red herring prospectus (DRHP) in March 2025.

Also, reports said then, it was looking to raise nearly $500 Mn (about INR 4,100 Cr), including a “primary component”, at a valuation of $2 Bn to $2.5 Bn to fund CarDekho’s geographical and category expansion and also for future acquisitions to expand its portfolio of services.