Girnarsoft, which owns online auto portal Cardekho, is raising a massive $100 million in its latest investment round led by Sequoia Capital.
Its expected that the existing investor Hillhouse Capital will also be participating in the round.
According to an ET post, the investment values Gurgaon-based Cardekho between $400 million and $500 million, which is a little higher than the $360 million valuation it received in its last funding round in 2016.
For its global growth fund, Sequoia Capital has already received commitments worth $6 billion, global news reports had said earlier this year.
The Girnar software recorded a growth of about 40% in revenues in the financial year 2018 that ended in March 2018. The net sales of the company reached Rs 160 crore from Rs 114 crore last year. The firm also narrowed down its losses to Rs 70 crore from Rs 135 crore in the financial year 2017.
Interestingly, Sequoia Capital has also invested in Cars24 which competes with CarDekho in the same space. While CarDekho and CarTrade operate as marketplaces, Cars24 follows an asset-heavy customer-to-business (C2B) model, where it buys used cars from individuals and dealers and sells them to other dealerships.
Over FY18, CarDekho’s financing business included loan disbursements worth over Rs 1,000 crore growing from disbursements worth Rs 200 crore last year.
CarDekho also claims to processes over 5000 insurance policies each month with monthly premiums crossing Rs 100 crore.
Founded in 2007 by siblings Anurag and Amit Jain, Girnarsoft also owns other portals such as Zigwheels, Gaadi.com, Pricedekho.com, and Bikedekho.com.
Last August they acquired one of the leading Indian automotive Youtube channel PowerDrift.
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