Mumbai-based car retailing platform CarTrade Tech has announced that the company is planning to invest up to $100 million or Rs 761 crore to strategically acquire and invest in companies operating in the automotive space.
With a motive to further strengthen its position as a leading automotive platform in India, The group will acquire companies that will help it to either enter a new market/segment or bring new products and technologies to existing customers, CarTrade said in a statement.
The company also stated that it is actively looking to acquire and invest in companies that are driving innovation in all aspects of the automobile ecosystem which include auto finance, leasing, insurance, servicing, car ownership, electric vehicles, and new-age tech to digitize the auto buying and selling journey.
CarTrade, which was founded in 2009, is backed by well-known investors such as Warburg Pincus, Temasek, JP Morgan, and March Capital. The company owns various digital platforms that facilitate the purchase and sale of new and used automobiles.
“We want to completely digitize the process of buying and selling vehicles and continue to be a key enabler in the growth of the auto ecosystem." Vinay Sanghi, Founder & Chairman, CarTrade Tech said. To facilitate this, The company will focus on investing in innovative companies that are driving innovation in the automotive space, he said.
"We have been very successful in growing our business organically and inorganically and want to acquire and invest into companies which will help us accelerate the digital transformation process. We are very excited about partnering with entrepreneurs who share the same vision and passion," he adds.
It's worthy to mention that CarTrade has already acquired some of the industry's leading names such as BikeWale, CarWale, Shriram Automall, and Adroit Auto.
Apart from investing in these companies, CarTrade Tech will also focus on bringing value through synergies with group companies, and access to customers and technology, thereby helping these companies scale rapidly, it said.
The platform operates under several brands: CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto, and AutoBiz.