CarTrade and CarWale Combine to Create India’s Largest New and Used Car Online platform
Marking the biggest consolidation so far in the digital automotive space in the country, India’s leading online auto platforms, CarTrade and CarWale, have entered into a definitive merger agreement in a transaction that will result in the combination of the two businesses.As part of the transaction, Axel Springer, the leading digital publisher in Europe, is selling its majority stake in CarWale to CarTrade.Terms of the transaction were not disclosed.
CarTrade and CarWale complement each other, with CarWale’s primary strength in new cars and CarTrade’s clear focus on used cars. Together, the combined company will become the clear leaders in both new and used cars.
The two companies combined have over 32 million visits in a month, work with approximately 9,000 new and used car dealer partners and connect car manufacturers with car buyers.The platforms list more then 225,000 used cars for sale. The internet today is the single largest source of consumersfor car dealers and CarTrade and CarWale jointly contribute a majority of all online sales to car dealers and car OEMs.
Vinay Sanghi, Founder and CEO, CarTrade, said, “We firmly believe that the combination of CarTrade and CarWalewill further strengthen our leadership in the new and used cars space. We can now direct our joint resources towards developing better products to enhance user experience.
Commenting on thetransaction, Mohit Dubey, CEO and Co-Founder, CarWale said, “With this combination, we are one step closer to delivering a more comprehensive car buying experience – be it in new or used cars. CarTrade and CarWale have been leaders in different segments and as a combined entity, we are uniquely placed to drive more value for the entire auto industry.”