The automotive industry tech startup, Tekion (1) has entered the unicorn club with its latest Series C funding round. The former Tesla CIO, Jay Vijayan, founded the US-headquartered firm and development centers in India.
Advent International led the recent fundraise worth of 150 million USD at a valuation of over 1 billion USD, as per the press statement. Index Ventures, the holding company of Fiat Chrysler Automobiles and Ferrari, Exor, FM Capital, and Airbus Ventures, also participated in the funding round.
Before the recent fundraise, Tekion had also secured 65 million USD. The startup, founded in 2016, has other key investors, including BMW iVentures, General Motors, Nissan-Renault-Mitsubishi Alliance Ventures.
Tekion Offers Personalised Experiences for their Vehicle Acquisition and Service Needs
While commenting on the recent development, Jay Vijayan, the CEO of Tekion, stated that consumers receive excellent personalized retail experiences from firms like Google, Apple, Amazon, and Disney. He added that we could also expect the same for their vehicle acquisition and service requirements.
The team of Tekion believes that they would lead the industry to modernize the entire consumer journey in the sector while offering them the best experiences and operational efficiency. Jay added that it is time to even the playing fields for automotive retail space.
The entry of Tekion in the unicorn club adds to the growing number of Indian startups or those with strong ties in India who enjoy a valuation of over 1 billion USD. In 2020, Postman, Nykaa, Pinelabs, Unacademy, Zerodha, Firstcry, and Razorpay also made it to the unicorn club.
Eric Wei, the Managing Director of Advent, stated that the deal-friendly approach of Tekion regarding contract terms and data ownerships is a breath of fresh air for dealers. The team is delighted to work with the platform and the opportunity.
Tekion launched its first product in the third quarter of 2019 with North American automobile dealers as a target. The SaaS-based technology platform connects dealers, car owners, and manufacturers to offer end-to-end services and cloud delivery.
