Mumbai: Online auto classifieds company MXC solutions Pvt. Ltd that operates as Cartrade.com Wednesday said it has raised Rs.950 crore in a funding round led by Singapore-based investment firm Temasek and March Capital, with participation from existing investor Warburg Pincus. The company had raised $30 million in 2014 from a group of investors that included Tiger Global, Warburg and Canaan Partners.
The company that was founded in 2009 by Vinay Sanghi is looking to use the funds to expand its offerings for users and dealers. The company will be looking at a few more acquisitions to strengthen its position in the market. The company operated only on the space of used cars until in November 2015 it acquired Carwale to enter into the new cars segment.
“CarTrade has developed a unique and a world class platform for transacting in new and used vehicles. A leader in its segment, it has steadily expanded its offerings across India and today has an extremely strong network dealer partners with a rapidly growing user base,” said Sumant Mandal, managing director, March Capital.
The company has partnered with over 10,000 new and used car dealer partners. It lists more than 225,000 used cars for sale and auctions over 250,000 vehicles to the wholesale market every year. The company competes with other private equity and venture capital-backed firms like Jaipur-based Cardekho.com (Girnar Software Solutions Pvt. Ltd), Droom Technology Pvt. Ltd and Truebil (Paix Technology Pvt Ltd).