Ping An Insurance, through its Ping An Global Voyager Fund, has led the US$70 million Series D in Indian auto technology company CarDekho, alongside Sequoia Capital and Hillhouse Capital. This is Ping An’s first venture investment in India, the company said in a statement.
CarDekho Group, founded in 2008, is one of India’s leading automotive technology companies and is working towards digitising the auto ecosystem in India. It currently has operations in India, Indonesia, and the Philippines.
According to Donald Lacey, managing director and COO of the Ping An Global Voyager Fund, auto services are a major component of the insurer’s ‘finance + ecosystem’ strategy, which is reflected by Ping An’s majority stake in Chinese automotive portal Autohome.
“We have been extremely impressed with the business CarDekho has built in India, particularly its success in developing different types of financial services offerings to address car buyers’ needs,” said Lacey. “The Global Voyager Fund’s stake in CarDekho represents Ping An’s first venture investment in India, and we are delighted to partner with an organization of CarDekho’s calibre.”
“It’s a matter of great pride for us at CarDekho that Ping An is choosing us as their first Indian investment. As a leading full stack autotech company in India, we at CarDekho are committed to help consumers throughout their car buying journey,” said Amit Jain, CEO and co-founder of CarDekho Group.
“Our unique auto ecosystem provides us a competitive edge in reaching out to consumers, and engage with them through our various transaction models at one platform. With the latest fundraise, we will continue to strengthen our domestic and international businesses and will aggressively work towards becoming the largest personal mobility player in the country.”