CarTrade raises Rs 185 crore from Warburg Pincus, existing investors

MUMBAI: Online auto classifieds platform CarTrade has raised Rs 185 crore from global PE fund Warburg Pincus and its existing investors Canaan Partners and Tiger Global.

The fresh capital will be used to diversify and strengthen the company's offerings to consumers and dealers, CarTrade said in a statement issued here today.

CarTrade offers a selection of over 1,00,000 listings, price information and certification for used cars. For new buyers, it offers reviews, on-road prices, car comparisons and latest auto news.

"We are extremely happy to have Warburg Pincus on board as a partner. The funds raised shall be employed to expand our services. We also plan to focus significantly on the mobile space and provide products and services which will be best in class and in many cases the first of its kind," said CarTrade founder and Chief Executive Vinay Sanghi.

Warburg Pincus India Managing Director Nitin Nayar said his company sees "tremendous potential in the domestic automobile market. CarTrade is one of the most innovative platforms in the online auto sector, and has shown strong growth momentum in the last couple of years."

Warburg Pincus is focused on growth investing and has over $ 39 billion in assets under management spanning over 125 companies.

Its past and current investments in India include Ambuja Cements, Alliance Tires, Au Financiers, Bharti Airtel, Biba Apparel, DB Corp, Diligent Power, Capital First, Gangavaram Port, Havells, HDFC, Kotak Bank, Lemontree Hotels, Continental Warehousing, Max India, Metropolis Healthcare, WNS Global, Piramal Healthcare, Quest Global, Quikr and Sintex.

CarTrade is promoted by Sanghi, a former head of Mahindra First Choice, and Rajan Mehra, ex-Managing Director of Nirvana Venture Advisors and former Country Head of eBay India.

Its existing shareholders include Canaan Partners, Epiphany Overseas Ventures and Tiger Global.