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Tag: Carwale

  • Festive wheels turn faster as car platform hits record traffic

    Festive wheels turn faster as car platform hits record traffic

    MUMBAI: CarTrade Tech’s consumer platforms struck gold yesterday, recording their highest-ever single-day traffic as Indians hunt for festival bargains on wheels. The company told the Bombay stock exchange that CarWale and BikeWale saw visitor numbers rocket by 74 per cent compared with the first day of Navratri last year, and 60 per cent above August’s daily average.

    The surge points to renewed vigour in India’s car market, helped along by recent GST rate cuts that have made vehicles more affordable. For a sector that has endured sluggish demand, the spike offers a tantalising glimpse of better times ahead.

    “Yesterday was a landmark day for our platforms,” said CarTrade consumer group chief executive Banwari Lal Sharma. “The festive excitement, amplified by GST-led affordability, has fuelled unprecedented consumer activity.”

    Whether this traffic translates into actual sales—and signals a broader revival in consumer sentiment during the festival season—remains to be seen. But for India’s media and entertainment companies, which depend heavily on advertising from car manufacturers, the numbers will make for cheerful reading.

  • CarTrade secures Rs 950 crore funding for expansion in online auto industry

    CarTrade secures Rs 950 crore funding for expansion in online auto industry

    MUMBAI: Indian online auto classifieds platform CarTrade has raised Rs 950 crore led by Temasek, an investment company based in Singapore, and March Capital, a global venture investment firm.

    Existing investor Warburg Pincus, a private equity firm focused on growth investing, also participated in the process. This injection of capital will be utilised to diversify and strengthen CarTrade’s offerings for consumers and dealers.

    Following its recent combination with Carwale, CarTrade has also strengthen its presence in the market. “It has over 32 million visits per month and work with approximately 10,000 new and used car dealer partners. The platforms list more than 225,000 used cars for sale and auctions over 250,000 vehicles to the wholesale market every year. CarTrade and CarWale jointly contribute to a majority of all online sales for  car dealers and car manufacturers,” the company said in a statement.

    “We are extremely happy to have Temasek and March Capital on board as partners together with existing investor, Warburg Pincus. This investment is a validation of CarTrade’s business model and growth plans in the Indian online auto space. The funds raised shall be used to further expand our services organically and through acquisitions. We will continue to focus on products, services and strengthening our world class technology capabilities and platforms, to deliver a seamless online experience for auto enthusiasts across the country,” said CarTrade founder and chief executive officer Vinay Sanghi.

    CarWale CEO Mohit Dubey added, “These are exciting times for us as the e-commerce sector is at a broad confluence of multiple macro trends. We are very excited about the opportunities presented by sector in India and are well positioned to leverage these opportunities. At this stage of growth we welcome Temasek and March Capital and this new financing will provide CarTrade with a strong foundation for future growth.”

    March Capital managing director Sumant Mandal said, “At March Capital we believe that the greatest companies oftomorrow are being built now. CarTrade has developed a unique and a world class platform for transacting in new and used vehicles. A leader in its segment, it has steadily expanded its offerings across India and today has an extremely strong network dealer partners with a rapidly growing user base. We continue to be impressed by the team’s dynamism, passion, energy and vision and look forward to working closely with the team to support the company in achieving its growth ambitions.”

    Existing investors of CarTrade, which was founded by Vinay Sanghi in 2009, include Warburg Pincus, JP Morgan and Epiphany Ventures.