CarDekho SEA raises $60 Mn in its first external funding round

CarDekho SEA, a part of India's CarDekho Group, an automobile website, has raised $60 million in its first round of external funding.

The funding round led by Navis Capital Partners and Dragon Fund, to boost the company’s total funding to over US $100 million.

Funding Utilisation

The company will use this funds to expand its operations in south asian countries like Indonesia and the Philippines, focusing on used autocar financing and classifieds.

Mayank Jain, CEO of New Auto (CarDekho Group) said, “India’s automotive market is witnessing an evolution marked by changing consumer preferences. The surge in EV popularity highlights a shift towards innovative and sustainable mobility. Similarly, the growth in CNG vehicles has been significantly driven by advancements such as high-quality and safe factory fitments and growing advancements in engine technology. These trends reveal not just a changing market but a transition in the automotive sector. This pivotal moment reflects the industry’s readiness to embrace a more dynamic and forward-thinking automotive ecosystem in India,”.

In Indonesia, CarDekho SEA has a 3% share of the used car finance market and works with more than 40 financial partners. The company also runs several brands in the region, including Carmudi Philippines, Zigwheels Philippines and OTO Indonesia.

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The Group says that it has grown significantly, with over 200,000 loans given out, more than $1 billion in sales value, and partnerships with over 50 financiers and 20,000 dealers and agents. Its gross merchandise value (GMV) has grown 50 times in the past three years, showing rapid growth.
CarDekho Group, which runs platforms like CarDekho, BikeDekho, InsuranceDekho, PriceDekho, and Rupyy.com, saw a slight 3.5% drop in its revenue, reaching Rs 2,250 crore in FY24.

About CarDekho SEA

Founded in 2020, CarDekho SEA, the Southeast Asia unit and a subsidiary of CarDekho Group. It is also present in other Southeast Asian countries like Thailand, Singapore, Malaysia, and Vietnam, and plans to expand into new markets in 2026. Unlike its competitors, CarDekho SEA is a complete platform for auto financing services. Its main competitor was Moladin, which has now shifted to becoming a full-fledged lender.

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