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Temasek Leads Rs 950 Crore Investment Into CarTrade

This new investment will expand the platform's offerings and help its growth in the online auto industry

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CarTrade, a leading online auto classifieds platform in India, has raised Rs 950 crores in a funding round led by Singapore sovereign wealth fund Temasek Holdings and global venture investment firm March Capital, with participation from existing investor Warburg Pincus.

CarTrade said the new funding will be used to diversify and strengthen its offerings for consumers and dealers.

"This investment is a validation of CarTrade's business model and growth plans in the Indian online auto space. The funds raised shall be used to further expand our services organically and through acquisitions," said Vinay Sanghi, founder and chief executive officer of CarTrade.

Following its recent acquisition of rival Carwale, CarTrade has emerged as India's largest auto classifieds platform. They have over 32 million visits per month and work with approximately 10,000 new and used car dealer partners.

The platforms list more than 225,000 used cars for sale and auctions over 250,000 vehicles to the wholesale market every year, according to a statement.

Mohit Dubey, CEO of CarWale, said: "These are exciting times for us as the e-commerce sector is at a broad confluence of multiple macro trends. We are very excited about the opportunities presented by sector in India and are well positioned to leverage these opportunities. At this stage of growth we welcome Temasek and March Capital and this new financing will provide CarTrade with a strong foundation for future growth."

Sumant Mandal, managing director of March Capital, said CarTrade is a leader in its segment and has steadily expanded its offerings across India.

Founded in 2009, CarTrade's existing investors include JP Morgan and Epiphany ventures.