You are here: Home » Companies » News
Business Standard

Springer, India Today groups to buy stake in CarWale portal

Sharmistha Mukherjee  |  New Delhi 

Axel Springer, publisher of the world’s most read automotive magazine, Auto Bild, will acquire a majority stake in CarWale, a leading Indian automotive portal, through its joint venture with the India Today Group.

The two will acquire 70.4 per cent stake in CarWale. They, however, declined to specify the investment being made.

Marc Flamme, head of New Media International, part of the Springer group, said: “We wanted to invest in India, particularly in the automotive sector looking at the market figures. The automobile industry is growing at around 30 per cent. Besides, the country is slated to become one of the top three online markets in the world by 2015. We already have experience in the auto industry with Auto Bild, and were looking at tie-ups in the online space to complement our presence in the sector.”

Axel Springer has been publishing Auto Bild in India in collaboration with India Today since 2008. The move is expected to further their interests in the digital space and to strengthen their position in the automotive segment.

Mohit Dubey, chief executive officer and co-founder of CarWale, informed: “With Axel Springer’s international automotive and multimedia publishing experience, we hope to strengthen our foothold in the online space.” The new alliance will explore synergies in content creation, e-commerce initiatives and media assets.

CarWale, founded in 2005, leads this market for car research and used car classified ads. By audience measures, it is the single largest media vehicle in India focused on the automotive segment across television, print and online platforms. Over 1.3 million people visit every month, and 15 per cent of all of India’s car buyers research their purchase on CarWale.

Axel Springer has annual revenue of $3.6 billion, with presence in 36 countries and a portfolio of 230 newspapers and magazines, and 80 online properties.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, November 11 2010. 00:07 IST