Fresh investments push firm’s valuation to $3.5 bn
Bengaluru-based Tekion, developer of cloud-native automotive SaaS platform Automotive Retail Cloud, on Tuesday, announced a Series D financing round of $250 million, which pushed the firm’s valuation to more than $3.5 billion.
The funding round was led by Alkeon Capital and co-led by Durable Capital. Other investors who participated in the round included Hyundai Motor Company and dealer groups from the U.S. Advent International, which led Tekion’s Series C, and Index Ventures which led Series A, Tekion said in a statement.
Tekion said it would invest this additional capital towards accelerating its ARC platform roll-out to dealers globally, setting up a customer experience centre, expanding product innovation hubs in California and Texas, and product innovation expansions activities in India.
Jay Vijayan, founder and CEO of Tekion said, “We have experienced phenomenal market acceptance during the past year. This strong round of funding validates industry and investors’ belief in Tekion’s disruptive innovations.”
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