Ping An Insurance Group announced on Thursday that Ping An Global Voyager Fund, its overseas investment arm, has led a $70 million Series D in Indian auto technology company CarDekho, alongside Sequoia Capital and Hillhouse Capital. Ping An reported that this is its first venture investment in India.
Founded in 2008, CarDekho Group is claimed to be one of India’s leading auto tech companies that has successfully digitized the auto ecosystem in India and is on a mission to dominate in the personal mobility space by helping its customers through their entire buying and ownership process.
Speaking about the investment, Donald Lacey, Managing Director and COO of the Ping An Global Voyager Fund, stated:
“Auto services are a core component of Ping An’s ‘finance + ecosystem’ strategy, reflected in our majority shareholding in Autohome in China. 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. 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 caliber.”
Amit Jain, CEO and Co-Founder, CarDekho Group then added:
“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. 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.”