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Temasek, Warburg Pincus infuse fresh capital into CarTrade

By Debjyoti Roy

  • 03 Jun 2020
Temasek, Warburg Pincus infuse fresh capital into CarTrade
Credit: VCCircle

Automobile classifieds portal CarTrade.com has raised Rs 321 crore ($42.5 million) from two of its existing investors in its Series H round of financing.

Inc42 first reported the development citing regulatory filings that Singapore state investment firm Temasek Holdings and US-based private equity firm Warburg Pincus participated in this round.

The online auto classifieds platform provides customers and sellers with an interface for buying and selling new and used vehicles. 

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It claims to sell over one million vehicles a year. More than 40 original equipment makers (OEMs) and 15,000 dealers work with the entity which has over 180 owned or franchise stores.

The firm had raised Rs 370 crore in a funding round in 2017 led by Temasek Holdings and a US family office.

In January 2016, CarTrade had secured Rs 950 crore ($145 million then) from Temasek Holdings, US-based March Capital and existing investor Warburg Pincus.

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CarTrade had posted net sales of Rs 243.2 crore for 2018-19 as against Rs 123.5 crore a year before. In fact, it achieved operational breakeven in 2018-19, as per VCCEdge, the financial data platform of Mosaic Digital.

Investments in used-car segment

Besides CarTrade, the used-cars segment in India has a few other significantly funded firms like vertical players CarDekho and Cars24 and horizontal players like Droom.

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In December 2019, auto portal CarDekho.com raised $70 million in its Series D round of funding led by Hong Kong-based growth-stage investor Ping An Global Voyager Fund.

In October, Cars24 Services Pvt. Ltd raised $100 million in a Series D funding round from both existing and new investors.

In September, car marketplace Truebil raised about Rs 7.1 crore from Japanese venture capital firm Spiral Ventures. The Mumbai-based company said it would use the funds to strengthen its technological infrastructure.

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Some other players in the segment include Spinny, which raised Rs 92 crore in May as part of its Series A funding from SAIF Partners and Accel. Droom had secured about Rs 220 crore in its Series E funding round late last year.

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