Automotive platform CarTrade Tech Ltd plans to deploy up to $100 million ( ₹750 crore) to invest in companies in the automotive space.
The company said it wants to strengthen its position as a leading automotive platform in India by investing in companies that’ll help it to either enter a new market or bring new products and technologies to existing customers.
Vinay Sanghi, Founder & Chairman, CarTrade Tech said: “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. To facilitate this, we are looking to deploy up to $100 mn 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.”
The company said it is actively looking to acquire and invest in companies driving innovation in all aspects of the automobile ecosystem, including auto finance, leasing, insurance, servicing, car ownership, electric vehicles and new age tech to digitize the auto buying and selling journey.
The company has been successful in growing its business organically and inorganically, said Sanghi. “We are very excited about partnering with entrepreneurs who share the same vision and passion,” he added.
In addition to capital, CarTrade Tech will bring unique value to these companies through synergies with group companies, and access to customers and technology, thereby helping them scale rapidly.
Earlier, CarTrade Tech had acquired CarWale – a leader in the online new and used car space, Shriram Automall (SAMIL) – a leader in the auto auction space, BikeWale – a leader in the 2 wheeler online space and Adroit Auto – a leader in auto inspections and valuations.
CarTrade Tech has presence across vehicle types and value-added services. The platform gets 34 million average monthly unique visitors and based on Q2FY22 annualised numbers lists 1.2 mn vehicles for auction. The platform operates under several brands: CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz.
Cartrade Tech Ltd share closed at ₹904.50, down 5 or 0.55 per cent, on the NSE today.
Never miss a story! Stay connected and informed with Mint.
our App Now!!