CarTrade has about 35 million unique customers per month, and partnered with approximately 8,000 new and used car dealers in India
CarTrade, a leading online automobile classifieds platform in India, has acquired vehicle inspection and valuation company Adroit Inspection Services with an aim to strengthen its services in the new and used car segment.
The details of the acquisition were not disclosed.
Ravi Mehra, President and Auction Head at Cartrade, said: “This acquisition addresses a crucial challenge – the ability to inspect vehicles promptly across the spread of the country. The ability to touch and feel vehicles not only enables smooth and efficient used vehicle transactions but is also the core for supplementary propositions, which includes aspects like re-finance, warranties, insurance etc.”
Founded in 2005 by Himanshu Lohiya, Mukesh K Gupta and Puneet Tyagi, Adroit Group has partnered with leading banks and insurance companies to execute inspections of cars in India. It has a team of over 300 field inspectors spread across the country. The company aims to execute over one million physical inspections and valuations in the current fiscal year.
Headquartered in Mumbai, CarTrade.com helps consumers to buy and sell new and used cars. For new car buyers, there are a host of features such as reviews, on-road prices, car comparisons and latest news. For used car buyers, it provides information such as prices, condition of the vehicle, and wide selection.
CartTrade is a heavily-funded startup. In February last year, it raised US$55 million led by existing investor Singapore-based Temasek Holdings, with participation from a large family office in the US. This funding came exactly a year after it raised US$145 million from Temasek and global VC fund March Capital. Previously, it had secured US$30 million from Warburg Pincus, and existing investors Canaan Partners and Tiger Global in October 2014.
In November 2015, CarTrade had acquired rival CarWale from German media conglomerate Axel Springer. The combined entity currently has about 35 million unique customers per month, and partnered with approximately 8,000 new and used car dealers. The platforms list more than 200,000 used cars for sale and auction over 200,000 vehicles to the wholesale market every year.
Image Credit: jvdwolf / 123RF Stock Photo
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