Jaipur based Girnar Software Private limited which owns CarDekho.com has announced its second round of funding of USD 50 million led by Hillhouse Capital with participation from Tybourne Capital and Sequoia Capital.
With this round of funding the parent company Girnarsoft valued at about USD 300 million. Since 2013, company’s revenue have grown three folds.
With this investment, David Rhee who leads international investments for the firm will join Girnar Software’s board.
Mr. Amit Jain, CEO and Co-Founder, GirnarSoft said, “Together, CarDekho.com and Gaadi.com are by far the largest players in online auto classifieds space by revenue and traffic in the country. Our vision is to be company with global footprint through our innovative products and services.”
Mr. Anurag Jain, COO and Co-Founder, GirnarSoft said, with this funding we have plans to enhance the technology and services of CarDekho.com along with increased focus on brand building and marketing initiatives of the company.
Commenting on their investment, Mr. David Rhee, a partner of Hillhouse Capital said, “We see tremendous growth opportunities in the online automobile classified market in India. CarDekho, as the clear leading player in this space, is the best positioned to take advantage of this market. We are in the early stages of the development of the auto industry and its transition to online. We are excited to be partnering with such an exceptional management team to continue to build and grow this business over the long term.”
Recently Girnarsoft acquired top automobile portal Gaadi.com. CarDekho.com competes with Cartrade.com, Carwale.com, Quikr and OLX.
Hillhouse capital is founded by Lei Zhang in the year 2005. Now it’s a USD 18 billion fundamental equities investment firm.
Tybourne Capital is Hong Kong based Asia focused hedge funds which manages USD 3 Billion in assets. Tybourne also has investments in Snapdeal, Uber and Amazon.