Car search platform CarDekho on Wednesday said it has raised $250 million (around Rs 1,881 crore) at a valuation of $1.2 billion.
The Jaipur-based firm said it has raised $200 million in Series E funding and $50 million debt in its pre-IPO round.
With the latest fundraising, the company joins the unicorn club with a valuation of $1.2 billion and becomes the first unicorn based in Jaipur, Rajasthan, it noted.
It is the largest ever fundraise by CarDekho and the proceeds will be used to accelerate growth in the used car transactions, financial services and insurance businesses, build robust product and technology functions, increase brand awareness, and expand into new markets, it added.
“The new fundraise will help us expand our used car transactions and financial services businesses. The trust and conviction of our investors will help us to accelerate our growth plans whilst we provide our customers with an experience that will continue to re-define car buying and selling," CarDekho co-founder and CEO Amit Jain said in a statement.
CarDekho currently buys cars from customers in more than 100 markets and has a catalogue of over 3,000 certified pre-owned cars for online purchase.
The company will be expanding its used car retail transactions business geographically and is set to increase its catalogue to 10,000 cars in the future.
(With inputs from PTI)
