The private-equity practice of AZB Partners advised Highdell Investment, an affiliate of existing investor Warburg Pincus, the investment firm, on the acquisition of further equity stake in MXC Solutions India, operating as CarTrade.
CarTrade’s latest funding round raised Rs950 crores ($140 million). “This injection of capital will be utilized to diversify and strengthen CarTrade’s offerings for consumers and dealers,” said a statement from the company, a leading online auto classifieds platform in India. AZB said the amount of Highdell’s investment was confidential, but confirmed it was more than $50 million.
Srinath Dasari and Nanditha Gopal were the AZB partners that worked on the transaction, assisted by senior associate Annie Philip. The deal was signed on December 21 2015 and completed on January 12 2016.
AZB Partners’s private-equity practice is ranked as outstanding in Asialaw Profiles 2016.