Chennai: Dealer used car Cardekho on Wednesday said he had collected $ 250 million, including $ 50 million in debt, led by Lapfrog Investments in a round that appreciated $ 1.2 billion.
It pushed Cardekho into the Unicorn League (worth more than $ 1 billion) – 33 years from India – together with Rose colleagues and mobil24.
LEAPFROG INVESTMENT is a global impact investor that focuses on financial services and access to health care.
Other new investors participated included Canyon partners based in the US, Mirae assets and Harbor Capital Spring.
Cardekho investors who have Sequoia Capital India and Sunley also participate in rounds.
Sequoia India Capital is one of the initial investors in Cardekho, after leading the Round-A series in 2013 and the C-Series in 2018.
It is the largest fundraising by Cardekho and will be used to foster its used car business and further build financial services.
The money will also be used to strengthen Global Cardekho’s footprint in the market such as Indonesia and the Philippines which has recently debuted and Malaysia where debut immediately, said Co-Founder and Amit Jain CEO.
The company plans to enter for an IPO in 18 months, he added.
Apart from the purchase of used and retail cars and insurance & financing, the company also focuses on EV retail online and has been tied with electric two-wheeled companies such as Ola, Electric Heroes and TV.