Ratan Tata, Chairman emeritus of the Tata Sons conglomerate, has made an investment in CarDekho.com. However, the investment amount has not been disclosed.
It is for the first time that Tata has joined hands with an auto portal by investing in personal capacity. He has agreed to advise the company as and when required.
“We are proud and excited to partner with Tata, considering his contribution in the growth and development of the Indian automobile industry. Following our humble beginning as a small venture in Jaipur, CarDekho has had an exciting journey to reach this point of recognition. We have aggressive plans for developing our business and boosting revenues in future. Post our recent funding and investment by Tata, we are a step closer to the group’s vision of becoming a global company through our innovative products and services. With the confidence shown by Tata in the company, it increases our responsibility towards contributing for the overall development of the online automobile sector,” said Amit Jain, CEO and Co-Founder of GirnarSoft, parent company of CarDekho.com.
GirnarSoft now valued at $300 million, recently concluded its series B funding with a raise of $50 million. The funding was led by Hillhouse Capital with participation from Tybourne Capital and Sequoia Capital.
Jain added, “There is immense potential in the automobile classifieds sector in India and we are aiming at the untapped market opportunity that is available. In addition to marketing and hiring activities, there are few smaller acquisitions in the pipeline for us to enhance our business operations.”
CarDekho.com’s revenue has grown three-fold since 2013 when the company received series funding of $15 million from Sequoia Capital. The lead generation has been doubling YOY. CarDekho.com has seen a traffic growth of 45 per cent over the previous year, which clearly makes CarDekho.com the most preferred auto car portal by people. Riding high on the company’s growth and expansion plans, CarDekho.com had acquired another popular automotive portal, Gaadi.com, late last year for its used car portfolio. The combined volumes of CarDekho.com and Gaadi.com position them as the largest players in the online auto classifieds space by revenue and traffic in the country.
“We are currently in the agile mode of expansion and our marketing initiatives are well aligned with our fast-paced growth. We are focusing on uplifting and strengthening the brand presence through various activities this year. We would also be looking at doubling our workforce by hiring 1,000 more people this year,” said Anurag Jain, COO and Co-Founder of GirnarSoft.