Car search platform CarDekho on Wednesday said it has raised $250 million, propelling the Jaipur-based firm into the unicorn club with a valuation of $1.2 billion.
The company added that the latest funding round included $200 million Series E equity and $50 million debt in its pre-IPO round. The funding round was led by LeapFrog Investments. Other new investors who participated included U.S.-based Canyon Partners, Mirae Asset and Harbor Spring Capital, as well as CarDekho’s existing investors Sequoia Capital India and Sunley House.
“It is the largest ever fundraise by CarDekho and the proceeds will be used to accelerate CarDekho’s growth in the used car transactions, financial services and insurance businesses, build robust product and technology functions, increase brand awareness, and expand into new markets,” it added.
Currently, the company buys cars from customers in more than 100 markets and has a catalogue of over 3,000 certified pre-owned cars for online purchase. It plans to expand its Used Car retail transactions business geographically and increase its catalogue to 10,000 cars in the near future.