Business Standard

CarTrade plans to invest Rs 750 crore in next 5-7 years in automotive space

The company, in a statement, said it will look to acquire and invest in companies offering differentiated services and technology in the automotive space

CarTrade

Press Trust of India Mumbai
Automotive platform CarTrade Tech on Thursday said it has launched CarTrade Ventures and is planning to invest Rs 750 crore in the next 5-7 years to fund acquisition and investment in the automotive space under this business initiative.
The company, in a statement, said it will look to acquire and invest in companies offering differentiated services and technology in the automotive space.
The capital invested will be through profits generated and funds available in the company, it added.
"We have launched CarTrade Ventures to invest in new-age technologies and to digitalise the buying, selling and ownership of vehicles and be a key enabler in the growth of the auto ecosystem.
"To facilitate this, we are looking to deploy up to Rs 750 crore for acquiring and investing in companies that are driving innovation in the global auto ecosystem," said Vinay Sanghi, founder and Chairman, CarTrade Tech Group.
The company has been successful in growing its business organically and inorganically, he added.
In addition, CarTrade Ventures will bring value to the companies through synergies with group companies and access to customers and technology, thereby helping these companies scale rapidly, it claimed.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Feb 23 2023 | 9:00 PM IST

Explore News