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Ratan Tata goes on 4th digital drive, invests in CarDekho.com

Ratan Tata goes on 4th digital drive, invests in CarDekho.com
It is Tata’s fourth such investment in an e-commerce firm. Last year, the business leader had invested in marketplace major Snapdeal, furniture e-tailer Urban Ladder and online jewellery seller BlueStone.

“Tata, a deeply revered man in the Indian auto sector, has for the first time ever joined hands with an auto portal by investing in personal capacity. While the investment amount remains undisclosed, Ratan Tata has agreed to advise the company as and when required,” CarDekho said in a statement.

This comes on the heels of the announcement of Series B funding of $50 million from Hong Kong-based investors.

“Such an investment by the man who has significantly shaped the Indian auto sector is a testimony to CarDekho’s plans in its quest to rapidly grow in the auto classifieds sector,” it said. GirnarSoft, the parent company of CarDekho.com, is now valued at $300 million. It also runs other portals like BikeDekho.com and PriceDekho.com.

“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. “With the faith and confidence shown by Tata in the company, it increases our responsibility towards contributing for the overall development of the online automobile sector,” GirnarSoft co-founder and CEO Amit Jain said. He added that in addition to the marketing and hiring activities, the company is also looking at “few smaller acquisitions” to enhance business operations.

CarDekho.com has seen revenue growing three-fold since 2013 when the company received series A funding of $15 million from Sequoia Capital. While lead generation has been doubling year-on-year, CarDekho.com has seen a traffic growth of 45 per cent over previous year.
PTI

PTI

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