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CarTrade To Raise IPO, Set To Raise INR 2,000 Crore

One of the new auto companies to take to this platform includes CarTrade, which is now set to file a draft prospectus. This will make it the first online auto classifieds company to go for public listing in India.

Tech companies are in line to raise their IPO after Zomato’s INR 8,250 crore public offer. One of the new auto companies to take to this platform includes CarTrade, which is now set to file a draft prospectus. This will make it the first online auto classifieds company to go for public listing in India.

Originally backed by Singapore’s state investor Temasek, American private equity giant Warburg Pincus, March Capital Partners, and JPMorgan, CarTrade is looking to raise INR 2,000 Crore with this IPO.

As the name implies, CarTrade allows users to buy and sell used and new cars, while they also discover review offerings by leading auto companies. The company has various verticals under its umbrella, namely Carwale.com, CarTrade.com, and Bikewale.com. They also offer services, like valuation, vehicle inspection, certification, and other related automobile services through Shriram Automall India Ltd, and Adroit, a platform for pre-used passenger vehicles, commercial vehicles, industrial and construction equipment, agriculture equipment, as well as, and two and three-wheelers.

In January 2018 CarTrade had taken up a 51% stake for around ₹157 crores in Shriram Automall. Earlier in 2015, it had also acquired CarWale its main rival, a move that helped it consolidate its position in the online auto-tech industry.

Source: Business World

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