About Carnation
Carnation is a company based in Noida (India) founded in 2008 was acquired by Mahindra First Choice Services in December 2018. Carnation has raised $42.71 million across 6 funding rounds from investors including Punjab National Bank, Gaja Capital and Premji Invest. The company has 19 employees. Carnation operates in a competitive market with competitors including Spinny, CarDekho, CarWale, Droom and CarTrade Tech, among others.
- Headquarter Noida, India
- Employees 19
- Stage Minicorn
- SectorsTransportation, Automotive & Logistics
- Phone•••• ••••
- Website carnation.in
- Social LinkedIn X Facebook
- Acquired by Mahindra First Choice Services (Dec 2018)
- Annual Revenue$378.46 K (USD)-66as on Mar 31, 2018
- Net Profit-$11.15 M (USD)-1585as on Mar 31, 2018
- EBITDA-$11.14 M (USD)-1693as on Mar 31, 2018
- Total Equity Funding$42.71M (USD)
in 6 rounds
- Latest Funding Round$113.22K (USD), Series B
Sep 2015
- InvestorsPunjab National Bank
& 6 more
- Employee Count19
- Acquired byMahindra First Choice Services
(Dec 2018)
Associated legal entities of Carnation
Carnation is associated with 4 registered companies on The Company Check. Each company page carries the filings, financials, charges and directors of that entity.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2018) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Carnation Motors Private Limited CIN U50404DL2008PTC183857 | Active | 30 Sep 2008 | New Delhi, Delhi | – | – | 2 | View details |
| Carnation Realty Private Limited CIN U45208DL2008PTC182230 | Active | 20 Aug 2008 | New Delhi, Delhi | – | – | 2 | View details |
| Carnation Insurance Broking Company Private Limited CIN U66000DL2010PTC209308 | Active | 11 Oct 2010 | New Delhi, Delhi | ₹0.0 Cr | – | 2 | View details |
| Carnation Auto India Private Limited CIN U34200DL2008PTC172214 | Dissolved (Liquidated) | 03 Jan 2008 | New Delhi, Delhi | ₹2.4 Cr | 20 | 3 | View details |
Funding Insights of Carnation
Carnation has successfully raised a total of $42.71M across 6 strategic funding rounds. The most recent funding activity was a Series B round of $113.22 thousand completed in September 2015. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $42.71M
- Total Rounds 6
- Last Round Series B — $113,218
- First Round $22.86M
(Oct 2008)
- Investors Count 6
All 6 funding rounds of Carnation with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Sep 2015 | $113,218 | Series B | $81.7M | Gaja Capital | – |
| Aug 2014 | $1.44M | Series B | $89.75M | Premji Invest | |
| Jan 2014 | $2.44M | Series B | $••••• | Gaja Capital, Premji Invest | – |
| Dec 2011 | $15.86M | Series B | – | Gaja Capital, GPE India | – |
| Nov 2009 | $36.53M | Debt – Conventional | – | – | |
| Oct 2008 | $22.86M | Series A | – | Premji Invest |
| Date | Valuation | Stage |
|---|---|---|
| Sep 2015 | $81.7M | •••••••• |
| Aug 2014 | $89.75M | •••••••• |
| Jan 2014 | $••••• | •••••••• |
Full valuation and stage history of Carnation
Every valuation point, the growth-stage changes (minicorn, soonicorn, unicorn) and the dates behind them require an active premium plan.
- All valuation points
- Stage changes
- Dates
- Exports
Verified entity values are shown only after access is granted.
Last known valuation $81.7M (Sep 2015). 7 investors in total: 7 institutional.
Investors in Carnation
Carnation has secured backing from 7 investors, including venture fund and institutional investors. Prominent investors backing the company include Punjab National Bank, Gaja Capital and Premji Invest.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Investment firm partnering with entrepreneurs in India's domestic economy. | 2004 | gajacapital.com | Mumbai, India | |
Provides venture capital for technology startups and enterprise innovations worldwide. | – | premjiinvest.com | Bengaluru, India | |
Offers venture capital funds for enterprises, government schemes, and credit operations in India. | 1975 | ifciventure.com | Delhi, India | |
Limited information available | – | gpe-india.com | - | |
Commercial banking services are offered to individuals and businesses. | 1894 | pnbindia.in | Delhi, India | |
A global boutique investment firm focused on client ROI. | – | regalinvestments.co.uk | - | |
Repair and maintenance services for cars are provided nationwide. | 2008 | mahindrafirstchoiceservices.com | Mumbai, India |
Investor details for Carnation
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
- Complete investor list
- Round participation
- Investor portfolios
- Co-investor network
Verified entity values are shown only after access is granted.
Board of directors of Carnation
The boards of the 4 registered companies of Carnation currently have 6 directors; the longest-serving is Jagdish Khattar, appointed in 2008. 28 earlier directors have ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Jagdish Khattar DIN 00013496 | Managing Director | 03 Jan 2008 | 18 yrs 9 mo | Carnation Auto India Private Limited, Carnation Realty Private Limited |
| Kunal Khattar DIN 01797971 | Director | 20 Aug 2008 | 18 yrs 1 mo | Carnation Realty Private Limited |
| Rajendra Goenka DIN 00409057 | Director | 30 Sep 2008 | 18 yrs | Carnation Motors Private Limited |
| Rajiv Khosla DIN 06452599 | Additional Director | 17 Dec 2012 | 13 yrs 9 mo | Carnation Motors Private Limited |
| Achyutanand Choudhary DIN 01210293 | Director | 16 Sep 2015 | 11 yrs | Carnation Auto India Private Limited, Carnation Insurance Broking Company Private Limited |
| Amit Kohli DIN 07361377 | Director | 10 Sep 2017 | 9 yrs | Carnation Insurance Broking Company Private Limited |
Financials of Carnation
Figures of Carnation Auto India Private Limited, the primary company behind Carnation, for FY 2018. Revenue was ₹2.44 Cr (-66% year on year). Net loss was -₹71.86 Cr (-2946% margin). EBITDA was -₹71.81 Cr (-2944% margin). Revenue has grown at a compounded annual rate of -64% over three years.
- ₹2.44 CrRevenue · FY 2018 · -66% YoY
- -₹71.86 CrNet loss · -2946% margin
- -₹71.81 CrEBITDA · -2944% margin
- ₹43.14 CrPaid-up capital
- 20Employees (provident fund records)
- -64%Revenue CAGR, 3 years
Balance sheet, profit and loss, cash flow and ratios of Carnation Auto India Private Limited are on its company page.
Detailed financial statements for Carnation
Statement rows, ratios, five-year trends and downloadable financials of the group companies require an active premium plan.
- Statement rows
- Financial ratios
- Five-year trends
- Downloads
Verified entity values are shown only after access is granted.
Timeline of Carnation
5 dated milestones of Carnation across 10 years, from founding to its latest funding, stage changes and deals.
- Founded Carnation is founded.
- Funding First funding round of $22.9M.
- Milestone Reaches Minicorn status.
- Funding Latest funding round, Series B, of $113K.
- Exit Acquired by Mahindra First Choice Services.
Competitors of Carnation
Carnation operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Spinny, CarDekho, CarWale, Droom and CarTrade Tech, among others.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| spinny.com | 2015 | Gurugram, India | $671.09M | 5,736 | Retailer of inspected, certified pre-owned vehicles with service and finance options | |
| cardekho.com | 2008 | Jaipur, India | $60M | 2,381 | Retailer of new automobiles, used vehicles, and related automotive news | |
| carwale.com | 2003 | Mumbai, India | $5.89M | 1,150 | Second-hand cars are listed online to connect buyers and sellers. | |
| droom.in | 2014 | Gurugram, India | $344.27M | 156 | Used vehicles are bought and sold through an AI platform. | |
| cartradetech.com | 2006 | Mumbai, India | $327.94M | 1,140 | Online marketplace for used cars | |
| truebil.com | 2015 | Mumbai, India | $26.91M | 5 | Online P2P marketplace for used cars | |
| mahindrafirstchoice.com | 1994 | Mumbai, India | $72.26M | 634 | Multi-brand used cars are traded via an online marketplace platform. |
Detailed competitors of Carnation
The full competitor set, operating metrics and side-by-side benchmarks require an active premium plan.
- Full competitor set
- Operating metrics
- Benchmarks
- Competitive positioning
Verified entity values are shown only after access is granted.
Web traffic of Carnation
Websites that share an audience with Carnation (carnation.in).
Websites whose visitors overlap most with Carnation. Affinity shows how closely the audiences match.
| Website | Domain | Audience affinity | Monthly visits | Global rank | Profile |
|---|---|---|---|---|---|
| mytvs.in | 100% | 25.6K | – | View details | |
| mahindrafirstchoiceservices.com | 77% | – | – | View details | |
cardatachecks.co.uk | cardatachecks.co.uk | 73% | – | #2,173,450 | – |
| mahindrafirstchoice.com | 73% | 174.3K | #214,761 | View details | |
| automartindia.com | 63% | – | – | View details | |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
All 9 similar websites and full traffic analytics for Carnation
The complete similar-websites list, audience overlap and engagement analytics require an active premium plan.
- 9 similar websites
- Audience overlap
- Engagement analytics
- Traffic by brand
Verified entity values are shown only after access is granted.
Latest news on Carnation
Complete news archive for Carnation
Full article history, source details, and older brand coverage require an active premium plan.
- Full article archive
- Source and publication date
- Older coverage
- Brand-specific news history
Verified entity values are shown only after access is granted.
Similar companies to Carnation
10 companies that operate in the same segment as Carnation (Automotive Retail & Aftersales), ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Pre-owned vehicles are sold online with financing and valuation services. | 2012 | Phoenix, Arizona, United States | USD 460 M | USD 20.32 B | 17,400 | |
Insurance products for vehicles, health, travel, and life are offered. | 2016 | Bengaluru, Karnataka, India | USD 655.23 M | USD 216.04 M | 461 | |
Retailer of inspected, certified pre-owned vehicles with service and finance options | 2015 | Gurugram, Haryana, India | USD 716.48 M | USD 446.48 M | 3,992 | |
Pre-owned cars are certified, inspected, and traded online via Kavak. | 2016 | Lerma De Villada, Estado De Mexico, Mexico | USD 1.98 B | – | 2,500 | |
Auto insurance is delivered via app to individual drivers. | 2017 | London, England, United Kingdom | USD 206.3 M | – | – | |
Provider of car service and repair network | 2016 | Gurugram, Haryana, India | USD 62.01 M | USD 8.06 M | 171 | |
Second-hand cars are listed online to connect buyers and sellers. | 2003 | Mumbai, Maharashtra, India | USD 5.89 M | USD 5.28 M | 451 | |
Vehicle parts and accessories are sold via an online platform. | 1897 | Walsall, West Midlands, United Kingdom | USD 20.37 M | – | – | |
Full-stack marketplace services for car ownership are provided. | 2015 | Singapore, Singapore | USD 685.9 M | USD 806.83 M | 1,000 | |
Retailer of new automobiles, used vehicles, and related automotive news | 2008 | Jaipur, Rajasthan, India | USD 60 M | USD 289.58 M | 721 |
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Frequently Asked Questions about Carnation
Carnation was founded in 2008.
Carnation is headquartered in Noida, India. It is registered at Noida, Uttar Pradesh, India.
Carnation is a funded company, having raised a total of $42.71M across 6 funding rounds to date. The company's 1st funding round was a Series A of $22.86M, raised on Oct 2008.
Carnation has 19 employees.
Annual revenue of Carnation is $378.46K as on Mar 31, 2018.
Carnation is an online platform that allows users to search for new cars, compare various models of cars based on the preferences and budget of the user, book a test drive etc. Also provides car service (breakdown assistance, accident assistance, free towing) through franchisee network of Carnation outlets. The platform also serves as a point of meeting for buying and selling used cars along with valuation services. Other tools such as EMI calculator, on-road car price, affordability calculator, browsing cars by brand car comparison engine are available for the visitors on the portal. Entered into a strategic partnership with Quikr to offers its car inspection services to the classifieds portal.
Carnation has 7 investors. Key investors include Punjab National Bank, Gaja Capital, Premji Invest, Mahindra First Choice Services, and IFCI Venture Capital Funds.
The valuation of Carnation is $81.7M as of Sep 2015.
Carnation is associated with 4 legal entities: Carnation Auto India Private Limited, Carnation Realty Private Limited, Carnation Motors Private Limited and others.
Yes. Carnation was acquired by Mahindra First Choice Services in December 2018.
The legal entities of Carnation currently have 6 directors, including Achyutanand Choudhary, Jagdish Khattar, Kunal Khattar and others.