CarDekho.com, one of the leading online portals retailing in the field of automotives, announced an investment in the company by HDFC Bank.
CarDekho.com, one of the leading online portals retailing in the field of automotives, announced an investment in the company by HDFC Bank. The investment comes on the heels of a Series B funding of USD 50 million from Hill House Capital, Tybourne Capital, Sequoia and Ratan Tata. The total size of the Indian car loan market is Rs.80,000 crore and HDFC Bank has a 35% market share.CarDekho trumps the online car research market with over 17 million visits on its portal every month constituting around 10 million buyers. Further, close to 75% of the car buyers on CarDekho opt for a financing option. With nearly 5,000 dealer partners, CarDekho and Gaadi.com have the largest pan-India car dealer footprint amongst all auto portals.
"We expect digital to have a 25% share of auto loan financing within the next four years and are looking forward to facilitating a billion dollar of auto loans through CarDekho. Used car finance is a classic blue ocean market and CarDekho and HDFC Bank can together build that market," says Umang Kumar, President, CarDekho and Chief Executive Officer, Gaadi.com.
"At HDFC Bank, customer convenience is central to our digital concept. We are looking at new ways to leverage technology and digital platforms to provide customers with the best solutions at the time and place most convenient to them. Increased internet and mobile phone penetration is overhauling the purchase cycle for the Indian car loan consumer and as market leaders in the auto financing space we want to ensure that we adapt to meet these changing needs. In CarDekho and Gaadi, we see an integrated business across new and used cars," adds Rakesh Singh, Group Head, Investment Banking, Capital and Commodity Markets, HDFC Bank.