Indian software company Girnar Software has secured a new funding led by Google Capital. Girnar Software is the owner of market leading auto portals CarDekho.com and PriceDekho.com, among other portals. Girnar Software's portals target Indian car sellers and buyers with value-added services including insurance, accessories, and roadside assistance. The financial details of the transaction were not disclosed.
The funding round was led by Google Capital, which focuses on late-stage growth funding. The funding also involved Girnar Software's existing investor Hillhouse Capital. The company's latest investment round raised more than $50 million led by Hillhouse Capital, with participation from Sequoia Capital and Tybourne Capital. Other high-profile investors including HDFC Bank and Tata Sons' Ratan Tata, as reported by Business Standard.
According to Forbes India, a major part of the new funding will be used to further bolster CarDekho's technology, research and development, as well as expansion within and outside of India. As for now, the company has already launched a similar portal CarBay.com which offers its services in 25 countries in Asia, Africa, the Middle East, Europe, North America, and South America.
With the new fund, Girnar Software plans to continue establishing its profile and services overseas. TechCrunch reported that one of the expansion plans is making acquisitions. A recent study revealed that India's auto market is expected to grow 15.6 percent this year, or nearly five times faster than the global growth rate, supported by larger salaries and pending tax changes which could make vehicle prices cheaper.
Girnar Software co-founder and chief executive Amit Jain expressed their delight in having Google Capital as one of its investors. "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," Jain said.
Likewise, Google Capital partner David Lawee also stated Girnar Software's prominence and superiority in its sector. "We're very excited to be investing in Girnar Software, the parent company of India's leading auto portal, CarDekho.com. The team is led by savvy entrepreneurs with a strong product orientation, who have positioned the company perfectly in a rapidly growing market," Lawee said in a press statement.
The new late-stage funding round led by Google Capital will help Girnar Software improve its services and technology, as well as expanding to more countries and areas. India's automotive market is predicted to grow rapidly, and so with platforms such like Girnar Software's, including CarDekho.com and CarBay.com.
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