CarTrade, Indian auto classified platform has raised $145 million from Temasek Holdings (Singapore), March Capital (United States) and existing investors Warburg Pincus.
The raised funds will be used to fund the cash acquisition in which CarTrade bought its rival, CarWale.The deal was closed at $100 Million. Apart from it, the two portals will invest in expanding and getting better with the product.
After CarTrade acquired CarWale, the parent company is targeting new car segment and at the same time, Carwale is targeting the used car segment. Along with CarWale, the two-wheeler segment BikeWale was acquired in the same deal.
According to the data made public, both the websites collectively get around 32 million users every month. Collectively, they have over 10,000 registered dealers with them for new as well as used cars. The portal has over 2.25 Lakh registered used cars. The other vertical, which deals with auction of the cars in wholesale market sells over 2.5 lakh vehicles every year.
CarTrade, launched in 2010 has raised multiple rounds of funding before this. In 2015, CarTrade raised an undisclosed amount from Chip Perry and before that, there was another $30 million round which saw participation from Warburg Pincus, Canaan Partners & Tiger Global.