Tekion, an automotive industry-focused technology startup founded by Tesla’s former CIO, Jay Vijayan, has entered the Unicorn Club with its latest Series C funding round.
Tekion, headquartered in the US with development centers in India, received a value of over $ 1 billion to $ 1 billion led by Advent International, according to a press statement.
Record Ventures, Exor – the holding organization of Fiat Chrysler Automobiles and Ferrari, Airbus Ventures, and FM Capital additionally partook in this round.
“Today’s consumers receive outstanding personalised retail experiences from companies like Amazon, Apple, Google, and Disney. Why shouldn’t they expect the same in their vehicle acquisition and service needs? We believe, Tekion will be the trailblazer for enabling the modernisation of the entire consumer journey and providing the best experiences and operational efficiencies, period. It’s time to even the playing field for the automotive retail industry,” said Jay Vijayan, CEO of Tekion.
Tekion entry into the Acorn Club connects with the growing number of Indian startups or strong Indian connections in terms of growth centers, which enjoy valuations of over $ 1 billion.
This year, Postman, Pinlabs, Unacademy, Nyika, Zeroda, Firstry and Rezparoy also made room for the famous club.
Tekion dispatched its first item in the October of 2019, directed at vehicle sellers in North America. The SaaS-based innovation stage associates sellers, vehicle proprietors and producers to give start to finish administrations conveyed through the cloud.
Its flagship product — Automotive Retail Cloud — already integrates with 17 OEM brands, and is targeting to complete the remaining OEM integrations as early as 2021.
The latest funding shall be used by Tekion to make additional investment in their platform, and scale up the operations of the startups. It has around approx 450 employees with offices spread out across globally. In India, it is present in Chennai and Bengaluru.