CarDekho is India’s largest search platform for cars, serving 3.6 million emerging consumers. Leapfrog led this latest $US250 million funding round which sees CarDekho become a unicorn with a valuation of $1.2 billion.
For Leapfrog the investment offers an opportunity to support the proliferation of a platform that help low-income consumers to access used vehicles and affordable insurance with transparent pricing; 75% of used vehicles purchased by CarDekho customers earn less than US$10,000 per year.
An increase in mobility has been shown to have a range of follow-on effects. Leapfrog suggests that access to healthcare, education and employment are all broadened when people have more flexible transport options.
“Amit and the team have done an outstanding job in building the leading digital platform in India’s auto-tech market. We expect the business to continue on its rapid growth trajectory thanks to the calibre of the team and the extraordinary tailwinds which this segment now enjoys from increasing formalisation, digitisation and transparency. CarDekho is an outstanding platform for large scale social impact, already making vehicles more accessible, affordable and trustworthy for over three million emerging consumers. Improving access to mobility in this way will help to drive development in other key areas, such as healthcare and education.” Says, Stewart Langdon, Partner and co-head of South Asian Investments, LeapFrog Investments.
The Series E funding round is the largest so far by CarDekho,and looks set to precede its IPO.