Tekion, a cloud-native automotive retail platform, has roped in $250 million in a Series D funding round, successfully bringing its valuation to over $3.5 billion. With this latest funding, Tekion's valuation has nearly tripled when compared to its earlier funding round last year.
The investment round was headed by Alkeon Capital and co-led by Durable Capital. Hyundai Motor Company and numerous renowned dealer organizations from around the United States were also among the other investors.
Sources claim that Tekion will direct the additional funding received towards fast-tracking its ARC (Automotive Retail Cloud) platform rollout to dealers worldwide. The platform is currently available in the US and Canada.
Earlier in October, Tekion had secured $150 million and the business then became a unicorn backed by this funding.
Established by Jay Vijayan and headquartered in Bengaluru for its APAC region, Tekion aims to establish a state-of-the-art Customer Experience Center and develop product innovation hubs in Pleasanton, CA and Austin, TX, concentrating on ongoing product innovation and expansion in India.
It also intends to expand OEM collaborations, provide API platform capabilities, and establish a unified partner ecosystem.
Jay Vijayan, Founder and CEO of Tekion, commented that market acceptance has been remarkable during the past year.
This latest investment round demonstrates industry and investor confidence in Tekion's disruptive technology and its world-class team of innovators. The firm's investors understand that Tekion focuses on the future and want to be a part of the incredible story.
Deepak Ravichandran, General Partner at Alkeon Capital, said that Tekion is turbocharging the automobile sector by providing a rich and unified consumer experience through an end-to-end, next-generation technological software platform for both vehicle dealers and automakers.
Tekion’s Founder Mr. Vijayan has put together a solid team to guide his ambitious product vision, and Alkeon Capital is excited to be a part of it, added Mr. Deepak.