Southeast Asian Arm of Cardekho Raises $60 Mn in A Funding Round, Led By Navis Capital Partners And Dragon Fund

Manvendra HadaDecember 11, 2024

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Three points you will get to know in this article:

CarDekho Group’s southeast Asian company has raised $60 Mn (about INR 509 crore) in a new investment round from Navis Capital Partners and Dragon Fund.
The financing valued the company between $300 and $400 Mn.
The finance platform will primarily use the freshly raised funds to expand its existing company in Indonesia and the Philippines, as well as to progressively expand into new markets.

Cardekho Southeast Asia Unit Nets $60 Million

CarDekho is an auto marketplace. Navis Capital Partners and Dragon Fund have led a new fundraising round for the Group’s southeast Asian subsidiary, raising $60 million (about INR 509 crore).

Umang Kumar, cofounder and president of CarDekho, told media that the financing valued the company between $300 and $400 million.

CarDekho SEA, the Southeast Asia unit and subsidiary of the CarDekho Group, operates in Indonesia and the Philippines. CarDekho has also extended into Southeast Asia with the launches of Zigwheels.ph, Zigwheels.my, and Oto.com.

What Will CarDekho Do With Latest Funds?

According to Kumar, the finance platform would use the freshly raised funds primarily to expand its present company in Indonesia and the Philippines, as well as to progressively expand into new geographies.

He went on to say that CarDekho SEA plans to expand its used car finance refinance and classifieds business in Indonesia and the Philippines, as well as establish new lines of business in insurance and dealer inventory funding.

Kumar further stated that the corporation is considering expanding into additional geographies in Southeast Asia between the second half of 2025 and the first half of 2026.

Total Amount Raised By CarDekho’s Southeast Asian Arm, Total Loan Money It Lended

He said that with this inaugural round of stock, the company’s capital totalled more over $100 million, with the primary infusion coming from its parent CarDekho Group.

Since its inception, the company claims to have enjoyed substantial growth, with over 200,000 disbursements and more than $1 billion in loans given.

Indian Auto Marketplace is on the Rise

This development comes as the auto marketplace prepares for its public listing in 2025. The company intends to publish a draft red herring prospectus (DRHP) in March 2025.

According to rumors at the time, it was trying to raise around $500 million (about INR 4,100 crore), including a “primary component,” at a valuation of $2 billion to $2.5 billion, to fund CarDekho’s geographical and category expansion, as well as prospective acquisitions to broaden its service portfolio.