New Delhi, Dec 11 (PTI) CarDekho's South Asia business unit (SEA) has raised USD 60 million (around Rs 510 crore) in a funding round led by Navis Capital Partners and Dragon Fund.

The new funding will be used to improve the group's operations in financing used cars and motorcycles in Indonesia, refinancing used cars, and managing classified ads, a company statement said.

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Additionally, it will facilitate further growth in the used auto financing market in the Philippines.

"This investment validates our progress in used auto financing in Indonesia while empowering us to accelerate our expansion to become the largest, fastest, and widest auto financial services marketplace in the region," said Umang Kumar, Co-founder and CEO CarDekho SEA.

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In Indonesia, CarDekho SEA commands a 3 per cent share of the used auto finance market and collaborates with more than 40 financial institutions, the statement said.

Across the region, the Singapore-based company operates several brands, including OTO Indonesia, Carmudi Philippines, and Zigwheels Philippines.

"Since its 2020 launch, CarDekho SEA has achieved significant growth, including 200,000+ disbursements and surpassing USD 1 billion in loans disbursed a 50x GMV growth from FY21 to FY24," the statement said.

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