- MIB integrates three media units under newly created BOC
- Republic TV, BTVI in strategic content alliance for Union Budget 2018
- Oyeeee Media gets board approval to partner Balaji, Essel Vision
- TV Today invests Rs 28.6 crore in Mail Today
- Prime Focus to raise Rs 330 cr via preferential warrants to cut debt
- Sony acquires India broadcast rights of T10 Cricket League
Ratan Tata invests in CarDekho.com
MUMBAI: Chairman emeritus of the Tata Sons conglomerate,
Ratan Tata has made his fourth investment in his personal capacity into the auto classifieds portal CarDekho.com.
Tata has subscribed for fresh shares of the Jaipur-based GirnarSoft, which owns and operates CarDekho.com, BikeDekho.com and PriceDekho.com. This comes quick on the heels of the announcement of Series B funding of $50 million from Hong Kong-based investors.
While the investment amount remains undisclosed, Tata has agreed to advise the company as and when required.
GirnarSoft co-founder and CEO Amit Jain said, “Following our humble beginning as a small venture in Jaipur, CarDekho has had a very exciting journey to reach this point of recognition and we now have very aggressive plans for developing our business and boosting revenues in the future. Post our recent funding and investment by Mr Tata, we are another step closer to the group’s vision of becoming a global company through our innovative products and services.”
Last year, Tata took a stake in the e-commerce firm Snapdeal, followed by jewellery e-tailer Bluestone and online furniture retailer Urban Ladder.
Currently valued at $300 million, GirnarSoft recently concluded its series B funding with a raise of $50 million led by Hillhouse Capital with participation from Tybourne Capital and Sequoia Capital.
Jain added, “There is immense potential in the automobile classifieds sector in India and we are aiming at the untapped market opportunity that is available. In addition to the marketing and hiring activities, there are few smaller acquisitions in the pipeline for us to enhance our business operations.”
Rolling out the company’s plans for the year, GirnarSoft co-founder and COO Anurag Jain said, “We are currently in the agile mode of expansion and our marketing initiatives are well aligned with our fast-paced growth. We are focusing on uplifting and strengthening the brand presence through various activities this year. We would also be looking at doubling our workforce by hiring 1,000 more people this year.”
The company mentions that CarDekho.com’s revenue has grown three-fold since 2013 when the company received Series A funding of $15 million from Sequoia Capital. CarDekho.com has seen a traffic growth of 45 per cent over the previous year.
Riding high on the company’s growth and expansion plans, CarDekho.com had acquired another popular automotive portal Gaadi.com late last year for its used car portfolio.