CarTrade Tech Ltd announced its plans to deploy up to USD 100 mn (INR 750 crores) to strategically acquire and invest into companies in the automotive space.
The group wants to strengthen its position as a leading automotive platform in India by acquiring and investing in companies which will help it to either enter a new market / segment or bring new products and technologies to existing customers, according to a statement.
The group 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. 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 these companies scale rapidly, the statement said.
CarTrade Tech over the last few years has successfully acquired and integrated 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.
Commenting on the same, Vinay Sanghi, Founder & Chairman, CarTrade Tech added, “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. To facilitate this, we are looking to deploy up to USD 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. 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.“
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