Mumbai-based online auto classifieds platform CarTrade.com has raised an undisclosed amount from Chip Perry, former founding chief executive of Auto Trader, the largest online auto classifieds company in the US. This news comes in just a day after CarDekho had announced that it had raised funding from Ratan Tata.
Last year in October, CarTrade had raised $30 Mn from Warburg Pincus with its existing investors Canaan Partners and Tiger Global also participating in the round of funding. The company was then valued at over $100 Mn.
CarTrade.com is an online auto marketplace that provides buyers and sellers a structured platform for buying and selling new and used vehicles. Since its inception in 2010, the company had expanded its offerings across India with a strong network of more than 4000 dealers. Currently, over 4 Mn unique consumers visit CarTrade.com every month and avail of its features. CarTrade.com offers a deep selection of over 100,000 listings, price information and car certification,
CarTrade.com’s business can be divided into two parts, i.e CarTrade.com, the consumer portal where the users can visit to buy and sell used/new cars & CarTrade Exchange, the dealer portal which helps them manage their business operations.
Back in 2011, MXC Solutions, the parent company of CarTrade had raised $13 Mn in Series C led by Tiger Global Management and Canaan Partners. Prior to that, In December 2010, it raised an undisclosed amount in Series B funding from Canaan Partners and Epiphany Ventures. The company had raised its Series A round of funding in 2009 led by Canaan Partners, Austin Ligon, founder and CEO of US-based CarMax.