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CarTrade secures $55mn in Series G funding from Temasek

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CIOL Writers
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Online automobile classifieds portal, CarTrade has announced that it has secured $55 million funding in Series G round of funding led by its existing investor Temasek and a US-based family office.

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Though the company has confirmed the said funding, it did not reveal the names of investors and cited confidentiality agreement as the reason. Notably, Temasek is the only existing investor that has participated in this round.

CarTrade would be using the new funds for user acquisition to initiate new offerings such as auto financing. The company is also open to making all-cash offers for acquisition. “It could be anything — ventures offering unique products or technologies — that can add to the new and used car ecosystem, including car insurance, car servicing, or even in newer technologies, such as the Internet of Things,” said Vinay Sanghi, founder of the company.

Apparently, the company is also in talks with potential investors and is targeting nearly $30-50 million in its next round of funding. This transaction is expected to close over the next few months.

Prior to this funding round, the startup had raised $145 million in January 2016, one of the largest funding deals in the country’s online classifieds space. In November 2015, the company had acquired CarWale for $90 million in an all-cash deal.