India’s leading auto-tech company CarDekho group, which recently acquired Carmudi Philippines, has raised $70 million from leading investors in China and Europe to expand operations in the Philippines.
“With this fund raise, we will deploy part of the capital raised to South East Asia and look to scale up our operations in Philippines,” said Umang Kumar, co-founder and president, CarDekho Group.
“We are committed to help consumers throughout their car buying and selling journey and have come a step closer in building a platform that provides end-to-end auto solutions to them,” Kumar said.
CarDekho’s Series D investments mainly comes from Ping An Global Voyager Fund, an investor arm of Chinese financial services behemoth Ping An, and Sunley House Capital Management, a subsidiary of global private equity firm Advent International, along with the participation of investors Sequoia India and Hillhouse.
This is the second round of fund raised for the company in 2019. Earlier in 2019, CarDekho group raised $110 million in series C.
