Tekion, a cloud-native platform for the auto retail ecosystem founded by Chennai-born Tesla veteran Jay Vijayan, on Wednesday raised $200 million in growth capital from Dragoneer Investment Group.
The funding gives Tekion a valuation of more than $4 billion, the company said in a statement.
“Tekion has been on an extraordinary growth trajectory, revolutionizing the automotive retail industry through our comprehensive and fully integrated platform,” said Jay Vijayan, founder and CEO of Tekion.
Tekion employs approximately 3,000 people worldwide, with the majority of them based in its Asia-Pacific headquarters in Bengaluru. The company has raised $640 million to date.
As Tekion continues to redefine automotive retail for dealers and consumers in a rapidly digitized ecosystem, it said it will invest the capital to expand product offerings for dealer partners and OEMs, accelerate implementation timelines and provide world-class customer support.
The funding announcement comes on the back of Tekion’s 2023 performance, in which the company achieved 97% year-over-year revenue growth with an annual run rate and expanded partnerships across the industry, including more than 2,000 automotive retailers, multiple major brand OEMs and more than 250 ecosystem technology partners.
This is a premium article available only to subscribers. To read over 250 premium articles every month,
You’ve reached your limit for free articles. Support quality journalism.
You’ve reached your limit for free articles. Support quality journalism.
You have read {{data.cm.views}} from {{data.cm.maxViews}} Free articles.
This is the last free article.
