LeapFrog Investments is a global impact investor focused on financial services and healthcare access. Other new investors participating were US-based Canyon Partners, Mirae asset and Harbor Spring Capital. Existing CarDekho Investors Sequoia Capital India and Sunley House participated in the round as well. Sequoia Capital India was an early investor in CarDekho, having led the Series A round in 2013 and Series C in 2018.
This is the largest fundraiser ever by CarDekho and will be used to grow its used car business as well as further develop its financial services. The money will also be used to strengthen CarDekho’s global presence in markets such as Indonesia and the Philippines, where it recently debuted, and Malaysia, where it will debut soon, said co-founder and CEO Amit Jain. The company plans to carry out an IPO in 18 months, he added.
In addition to used car buying and retailing, as well as insurance and financing, the company also focuses on online electric vehicle retailing and has partnered with electric two-wheelers such as Wave, Hero Electric and Televisions.