CarTrade.com Raises INR 185 Cr. From Warburg Pincus & Its existing investors

CarTrade.com Raises INR 185 Cr. From Warburg Pincus & Its existing investors

Mumbai based online auto classifieds startup CarTrade.com has raised over INR 185 Cr. in funding led by an affiliate of Warburg Pincus, a leading global private equity firm focused on growth investing, with its existing investors Canaan Partners and Tiger Global also participating in it.

The raised funds will be used to diversify and strengthen CarTrade’s offerings for consumers and dealers.

Launched back in 2009, for used car buyers, CarTrade.com offers a deep selection of over 100,000 listings, price information and car certification, which makes the buying process easy and reliable. For new car buyers, there are a host of features such as reviews, on-road prices, car comparisons and latest news which it offers.

“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.com

“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,” commented Nitin Nayar, Managing Director, Warburg Pincus India Private Limited.

CarTrade is owned and operated by MXC Solutions Pvt Ltd which in 2011 had raised $13 Mn in its third round of funding led by venture capital firm Tiger Global Management, with participation from existing investor Canaan Partners for it’s another vertical called CarTradeExchange.com which offers an online vehicle auction platform.

The company is promoted by Sanghi, a former CEO of Mahindra First Choice. Rajan Mehra, MD at Nirvana Venture Advisors and former country head of eBay, India is also a founder-director in CarTrade. Its investors include Canaan Partners, Epiphany Overseas Ventures and Tiger Global, apart from Warburg Pincus.

This is second investment for Warburg Pincus in consumer internet business, earlier it had invested in Quikr.

CarDekho.com is yet another player in this segment which has recently acquired Ibibo’s Gaadi.com.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
UNLOCK 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
UNLOCK 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

CarTrade.com Raises INR 185 Cr. From Warburg Pincus & Its existing investors-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

CarTrade.com Raises INR 185 Cr. From Warburg Pincus & Its existing investors-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

CarTrade.com Raises INR 185 Cr. From Warburg Pincus & Its existing investors-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

CarTrade.com Raises INR 185 Cr. From Warburg Pincus & Its existing investors-Inc42 Media
CarTrade.com Raises INR 185 Cr. From Warburg Pincus & Its existing investors-Inc42 Media
You’re in Good company