Pre-owned vehicle exchange platform Shriram Automall India Ltd (SAMIL) on Monday said it has acquired BlueJack, an online car selling portal.
The company did not disclose the financial details of the deal.
With this acquisition, Shriram Automall targets to transact yearly over 1.2 million vehicles worth more than Rs 30,000 crore. At present 70 lakh used cars are sold in India every year and the market is expected to be valued at Rs 50,000 crore in 2022, the company said in a statement.
Commenting on the acquisition, Shriram Automall CEO Sameer Malhotra said, "Together, we believe we can offer the best auction experience for our Indian market with innovative technology."
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