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CarTrade.com raises Rs 185 crore

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MUMBAI: Online auto classifieds platform CarTrade.com has raised Rs 185 crore to diversify and strengthen the portal?s offerings for consumers and dealers.

The infusion of capital was led by an affiliate of Warburg Pincus along with participation from existing investors Canaan Partners and Tiger Global.

Speaking about the fund raising, CarTrade.com founder and CEO Vinay Sanghi said, ?We are extremely happy to have Warburg Pincus on board as a partner. The funds raised shall be employed to further expand our services to help us offer our consumers and dealers a seamless online experience.

?We also plan to focus significantly on the mobile space and provide products and services, which will be best in class and in many cases the first of its kind,? he added.

CarTrade offers a selection of over 100,000 listings, price information and certification for used cars. For new buyers, it offers reviews, on-road prices, car comparisons and latest auto news.

Warburg Pincus is focused on growth investing and has over $ 39 billion in assets under management spanning over 125 companies.

?We see tremendous potential in the Indian automobile market. CarTrade is one of the most innovative platforms in the online auto sector, and has shown strong growth momentum in the last couple of years. Warburg Pincus is excited about the opportunity to partner with a very talented team to further build on its position and to accelerate its growth plans,? commented Warburg Pincus India managing director Nitin Nayar.

CarTrade is promoted by former head of Mahindra First Choice Sanghi and Nirvana Venture Advisors ex-managing director and eBay India former country head Rajan Mehra.

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