CarTrade raises US$55 millionto drive growth in online automobile classifieds
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Following the merger of CarTrade with Carwale in January last year, CarTrade is India’s largest auto classifieds platform. The combined company has about 15 million unique customers per month, a leadership in both used and new cars and partner with approximately 8,000 new and used car dealer partners. The platforms list more than 200,000 used cars for sale and auctions over 200,000 vehicles to the wholesale market every year.
“CarTrade is on a rapid growth trajectory. The funds raised will be used to drive growth through continued focus on strengthening our dealer and customer services and evaluating potential acquisitions. CarTrade is aggressively looking at the market for used car finance withless then 8% of used cars sold being financed through an organized financier. To address this opportunity CarTrade Finance was recently launched with the aim of financing the inventory for car dealers and to consumers who wish to buy used cars,” Vinay Sanghi, Founder and Chief Executive Officer, CarTrade said in a statement.
Existing investors in CarTrade include
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