Automobile portal CarDekho, which had raised $250 million in a funding round led by Leapfrog Investments in October, is looking to expand its footprint in Southeast Asia after commencing operations in Malaysia recently.
Girnar-Software-owned CarDekho sells vehicles online in the National Capital Region, Mumbai and Bengaluru. It has businesses in Indonesia and Philippines as well.
“We will focus on growing our footprint in Southeast Asia mid-term. The GDP of the top 5-6 countries in the region is similar to that of India. However, the average vehicle price, interest rates for auto finance are higher than in India, which makes unit economics superior,” Umang Kumar, cofounder of CarDekho Group, told ET. “Competitive dynamics, too, is not as intense. We want to establish our leadership in the auto ecosystem in the region.” CarDekho has earmarked an investment of $11 million to strengthen its international ventures in 2022.
CarDekho has so far raised more than $500 million in funds. It is backed by investors including Ratan Tata, Sequoia India, Hillhouse Capital, Ping An, Sunley House, CapitalG (earlier Google Capital), HDFC Bank, Axis Bank, Times Internet, Trifecta, Kreatif Media Karya and Dentsu. Times Internet is part of Bennett Coleman & Co Ltd, which publishes The Economic Times.
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