Girnar Software, the parent company of auto portals CarDekho.com, Gaadi.com and Zigwheels.com, on Monday said that it recently received an investment from Google Capital with participation from existing investor Hillhouse Capital. The financial details of the transaction were not divulged.
A major part of the new funding will be used to further bolster CarDekho’s technology, R&D (research and development) and expansion within and outside of India. CarDekho has launched its services beyond Indian borders with the launch of CarBay.com in Malaysia, Thailand, Vietnam, Philippines and Indonesia. Girnar Software will now be looking to consolidate its presence in India as well as other emerging economies in Asia and the Middle East.
“Google Capital is one of most respected growth equity investors in the world, and brings to us the resources and expertise from the one of the most valuable technology companies on the planet,” said Amit Jain, co-founder and chief executive, Girnar Software, in a statement.
“We hope that through our investment and ongoing support, we’ll help them cement their position in India, as the destination for all car related information and transactions, and grow into new markets regionally and globally,” said David Lawee, partner, Google Capital.
The latest investment for Girnar Software follows a $50 million funding round led by Hillhouse Capital, with participation from Sequoia Capital and Tybourne Capital. HDFC Bank and Ratan Tata, Chairman Emeritus of Tata Sons, have also invested in the company.
The Rainmaker Group (TRMG) acted as the exclusive financial advisor to Girnar Software for this transaction.