Malaysia-based private equity company Navis is to invest around $60 million U.S. in India-based used car marketplace CarDekho, DeKalStreetAsia reports, citing “multiple sources aware of the deal.”

CarDekho Group has diversified its business into several divisions (covering lending, insurance, accessories etc.) and recently launched TractorsDekho, a marketplace for new tractors.

“India’s agricultural sector is pivotal to our economy and essential for our population. Recognizing the critical role tractors play for farmers and their struggle with limited information, we are now intervening to simplify their research for a tractor by identifying the right choice for them,” commented Mayank Jain, CEO of new auto at CarDekho Group.

During the 12 months to March 2023, the company posted INR24 billion ($289 million U.S.) in revenue, up 46.3% year on year. However, its expenses also rose significantly, and, as a result, CarDekho’s loss increased by a whopping 130% to INR5.6 billion.

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