Chennai born entrepreneur’s Tekion raises $200 mn

Tekion, a cloud-native platform for automotive retail ecosystem, founded by Chennai-born Tesla veteran Jay Vijayan, on Wednesday raised $200 million in growth equity capital from Dragoneer Investment Group.

According to a company communique, this financing round sets Tekion’s valuation above $4 billion.

“Tekion has charted an extraordinary growth path, revolutionizing the automotive retail industry through our comprehensive and fully integrated platform,” said Mr. Jay Vijayan, Founder and CEO of Tekion.

Tekion employs close to 3,000 people globally with its AsiaPac headquarters Bengaluru employing majority of them. The company so far raised to date: $640 million.

Tekion said it would invest the capital to expand its product offering for dealer partners and OEMs, accelerate implementation timelines, and deliver world-class customer support as it continues to redefine automotive retail for dealers and consumers in a rapidly digitising ecosystem.

The funding announcement follows Tekion’s performance in 2023, with 97% year-over-year annual run rate revenue growth and expanding partnerships in the industry including with over 2,000 automotive retailers, multiple leading-brand OEMs, and over 250 ecosystem technology partners.