The deal is expected to be finalized in the upcoming few months, and the funds will be used to expand the e-commerce platform
Cardekho is in talks to raise $150 Million in its largest round of fundraising thus far. If the negotiations are successful, the start-up will soon cross $1 Billion and assume unicorn status. The deal is expected to be finalized in the upcoming few months, and the funds will be used to expand the e-commerce platform for online car sales.
In its last round of funding back in 2019, the platform raised $70 million in a Series D funding round led by Ping An Global Voyager, a Hong Kong-based company, and was valued at $725 million in a Series D funding round. The new platform has made it easier to buy and sell used cars. A potential customer can test drive the car he or she chooses for a week, and then decide to purchase it or not. They also give a six-month warranty on engine and transmission, as well as roadside assistance and financing solutions.
To reduce the risk of infection since the beginning of the pandemic, more and more people are looking to purchase used cars. The second-hand models are a lot cheaper than new ones and Cardekho currently sells vehicles online in Delhi-NCR, Mumbai, and Bengaluru, and plans to expand operations to the top 20 cities by early 2022.
Source: Business World