CarTrade revs $55m engine

Temasek-backed CarTrade has added $55m to its coffers, one year after closing a $141m funding round that featured the Singaporean government venturing firm.

India-based online automotive classifieds service CarTrade, has raised $55m in funding co-led by Singaporean government-owned investment firm Temasek, the Economic Times wrote today.

The round was co-led by a US-based family office, though its identity has not been revealed.

Established in 2010, CarTrade provides an online marketplace for new and used vehicles, as well as offering financing through partnerships with banks and other providers. It also operates a platform aimed at dealerships to manage business operations.

CarTrade lists more than 4,000 dealers on its platform and as of the time of writing has close to 10,000 cars, that have all passed an inspection conducted by the company’s engineers, for sale on its website.

The company has now raised approximately $230m in total equity. Temasek previously supported a $141m funding round in January 2016, alongside investment firm March Capital and private equity firm Warburg Pincus.

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