CarTrade to deploy up to $100 mn to acquire, invest in automotive firms

CarTrade Tech said it is actively looking for companies in all aspects of the automobile ecosystem

New Delhi

Multi-channel automotive platform CarTrade Tech Ltd on Thursday said it plans to deploy up to USD 100 million (around Rs 750 crore) to acquire and invest in companies in the automotive space.

It is eyeing companies offering differentiated services and technology in the automotive segment which will help the group digitise the buying and selling journey of vehicles, CarTrade said in a statement.

"We want to completely digitise the process of buying and selling vehicles and continue to be a key enabler in the growth of the auto ecosystem," CarTrade Tech founder and Chairman Vinay Sanghi said.

To facilitate this, he added,"We are looking to deploy up to USD 100 million for acquiring and investing into companies that are driving innovation in the auto ecosystem, so that we can offer the consumer a great online auto shopping and ownership experience."

CarTrade Tech said it is actively looking for companies in all aspects of the automobile ecosystem, including auto finance, leasing, insurance, servicing, car ownership, electric vehicles and new age tech.

In the past few years, the company acquired CarWale, an online platform for new and used car buying; Shriram Automall (SAMIL), which is into auto auction space; BikeWale, an online buying platform; and Adroit Auto, which is into auto inspections and valuations.

Also Read

Policy vacuum speed breaker may slow down India's booming used car market

Semiconductor shortage may impact Aug-Sep automobile wholesales: Report

Honda Motorcycle sales decline by 8% in September

Ola to hire 10,000 people for its used car platform, eyes $2-bn GMV

Tata lands a Punch in small car segment

Accenture revenue forecast tops estimates on cloud, security demand

Vernacular language users' share on Flipkart rises 18% this year

Toyota-Suzuki affordable electric vehicle to make India debut by 2025

We'll continue to invest majorly across the business: ArcelorMittal CEO

Britannia revamps biscuit brand Good Day, to add three more variants

First Published: Dec 16 2021 | 6:24 PM IST