Born in India, raised by China: Another Chinese corporate giant jumps in to fund Indian startups
The footprint of Chinese investors in India’s leading startups has significantly increased in the past years. Top unicorns in India right from Paytm, Ola to Swiggy, Zomato, Byju’s, OYO etc. have been backed by Chinese funds and multinationals including the likes of Alibaba, Ant Financial, Tencent, Didi Chuxing, Fosun, China Lodging Group, and more. Adding to the list is China’s financial services major Ping An Group that runs global fintech and health-tech focused growth stage fund Global Voyager Fund that has picked online auto classifieds startup CarDekho as its maiden startup investment in India.
The fund has led $70 million Series D round funding in CarDekho, the company said in a statement. Sunley House Capital Management, a subsidiary of global private equity firm Advent International also participated in the round coupled with existing investors Sequoia India and Hillhouse — another China-based entity. This is the second disclosed funding round by CarDekho this year. The company had announced $110 million funding in January this year. CarDekho, which is backed by Ratan Tata, is reportedly valued between $400-$500 million. However, this ain’t first investment by Global Voyager in autotech vertical. The company had earlier backed New York Stock Exchange-listed China’s auto portal, Autohome. With the new round of capital, CarDekho’s total capital raised stood at $250 million.