Ping An invests $70m in Indian auto tech firm CarDekho

This is Ping An’s first venture investment in India.

Ping An Global Voyager Fund, the overseas investment arm of Ping An Insurance, led the $70m Series D funding round of Indian auto technology company CarDekho, the company announced.

This is Ping An’s first venture investment in India, the group said in a press release.

Founded in 2008, CarDekho Group works in digitising the car ecosystem in India and currently has operations in India, Indonesia and the Philippines. Its sites include CarDekho.com, Gaadi.com, ZigWheels.com, BikeDekho.com, InsuranceDekho.com and PowerDrift.com.

Venture firms Sequoia Capital and Hillhouse Capital co-led the funding round alongside Ping An.