CarTrade to deploy up to USD 100 million to acquire, invest in firms in automotive space

Multi-channel automotive platform CarTrade Tech Ltd on Thursday said it plans to deploy up to USD 100 million (around Rs 750 crore) to acquire and invest in companies in the automotive space.

It is eyeing companies offering differentiated services and technology in the automotive segment which will help the group digitise the buying and selling journey of vehicles, CarTrade said in a statement.

WATCH | Click on Zee Business Live TV Streaming Below:

"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," CarTrade Tech founder and Chairman Vinay Sanghi said.

To facilitate this, he added,"We are looking to deploy up to USD 100 million 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."

CarTrade Tech said it is actively looking for companies in all aspects of the automobile ecosystem, including auto finance, leasing, insurance, servicing, car ownership, electric vehicles and new age tech.

In the past few years, the company acquired CarWale, an online platform for new and used car buying; Shriram Automall (SAMIL), which is into auto auction space; BikeWale, an online buying platform; and Adroit Auto, which is into auto inspections and valuations.