Chinese insurance giant enters India

Ping An's overseas investment arm Ping An Global Voyager Fund has led a $70m Series D funding in Indian auto technology company CarDekho alongside Sequoia Capital and Hillhouse Capital. This is the insurance group's first venture investment in India.

Commenting on the investment Ping An Global Voyager Fund managing director and COO Donald Lacey said, “Auto services are a core component of Ping An’s ‘finance + ecosystem’ strategy as reflected in our majority shareholding in Autohome in China.”

Based in China, Ping An is one of the world’s largest financial services companies that has been investing heavily in technology and building five ecosystems covering financial services, healthcare, auto services, real estate services and smart city services.

CarDekho is one of India’s major AutoTech firms and currently has operations in Indonesia and the Philippines as well. Its online platform is said to help users with car research, finance, insurance, used cars and any other aspect of car buying and selling.

The firm’s CEO and co-founder Amit Jain said that the latest fundraising will enable his company to strengthen its domestic and international businesses and help in becoming the largest personal mobility player in India.

Source: Asia Insurance Review