CarDekho acquires Carmudi to Expand to Southeast Asia
With CarDekho’s acquisition of Carmudi and their common objective of working towards digitalizing the entire auto ecosystem, Philippine’s automotive industry is expected to witness its next wave of disruption.
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Launched in 2013, Carmudi is a leading new auto player in the Philippines. CarDekho started its Indonesia operations under brand OTO.com and entered the Philippine market in 2019 with the acquisition on Carmudi. The latter’s investors include Google Capital, Tybourne Capital, Hillhouse Capital, Sequoia Capital, HDFC Bank, Ratan Tata and Times Internet.
2008: CarDekho was founded by brothers Amit and Anurag Jain.
2013: The auto portal got its first round of funding of $15M from Sequoia Capital. Carmudi was also launched as an online classifieds portal with a focus on buying and sale of new and second hand automobiles.
2014: CarDekho launched its mobile app and acquired Gaadi.com to strengthen its management team and gain a foothold in used car segment.
2015: CarDekho acquired Zigwheels.com from Times Internet as well as Buying IQ, a comparative shopping portal. It also received Series B funding of Rs 300 crore from two Hong Kong-based investors. It also raised $50M in Series B.
2016: CarDekho started its Indonesia operations under the brand name OTO.com. Carmudi Philippines launched car inspection and certification services.
2017: Consolidation of global Carmudi business to refocus on Philippines and other Asian markets.
2018: CarDekho acquires YouTube auto content platform Powerdrift. Carmudi Philippines reached 700k+ app installs in January and 50k monthly listings in April.
2019: CarDekho raised $110M in Series C. In June, the company forayed into the motor and health insurance sector by launching InsuranceDekho. It also raised an investment of Rs 133 crore in August as part of Series C funding from Cayman Island-based SC GG India Mobility Holdings.
November 2019: Cardekho acquired Carmudi Philippines in November in an undisclosed deal in a bid to expand its position in Southeast Asia and raised $70M in Series D in December.
(This article was first published in the February issue of Entrepreneur Magazine. To subscribe, click here)
Launched in 2013, Carmudi is a leading new auto player in the Philippines. CarDekho started its Indonesia operations under brand OTO.com and entered the Philippine market in 2019 with the acquisition on Carmudi. The latter’s investors include Google Capital, Tybourne Capital, Hillhouse Capital, Sequoia Capital, HDFC Bank, Ratan Tata and Times Internet.
2008: CarDekho was founded by brothers Amit and Anurag Jain.
2013: The auto portal got its first round of funding of $15M from Sequoia Capital. Carmudi was also launched as an online classifieds portal with a focus on buying and sale of new and second hand automobiles.
