CarTrade.com raises Rs950 crore investment
Mumbai: Cartrade.com, an online auto classifieds company also known as MXC solutions Pvt. Ltd has raised Rs.950 crore funding led by Singapore-based investment firm Temasek and March Capital, with participation from existing investor Warburg Pincus. The company had raised $30 million in 2014 from a group of investors that included Tiger Global, Warburg and Canaan Partners.
The company was founded in 2009 by Vinay Sanghi. Earlier it had raised $30 million from Tiger Global, Warburg and Canaan Partners. The funding will use to expand its offerings for users and dealers. The company will be looking at a few more acquisitions to strengthen its position in the market. The company operated only on the space of used cars until in November 2015 it acquired Carwale to enter into the new cars s...