Sequoia Capital-backed auto portal, Cardekho is close to raising $40-50 Mn in a new round of funding from Hillhouse Capital. Its existing investor Sequoia Capital and another investor are likely to participate in the latest round of funding. This new round of funding will value Cardekho.com to at about $250 Mn.
Founded in 2007, Jaipur-based Girnar Software, the parent company of Caredekho also owns and operate internet portals Bikedekho and Pricedekho. The company had received $15 Mn in funds from Sequoia in 2013.
Earlier in last year, Cardekho had acquired Ibibo Group-owned Gaadi.com for an undisclosed amount. However, reports said that the company paid around $11 Mn for this deal to capture online auto market.
Hillhouse Capital has also invested in JD.com, Qunar.com, Grabtaxi, and China’s internet entrepreneurs, including Tencent’s Pony Ma. The company invests across all stages in public and private firms.
On this development, Amit Jain, co-founder & CEO, Cardekho, did not offer any comments. The company competes with Cartrade.com and Carwale.com and online classifieds services including Quikr and Olx. At present, China-based investment funds, Hillhouse Capital manages over $13 Bn in assets.