Online car classifieds portal CarDekho is looking to buy price comparison website BuyingIQ, reports the Economic Times. Girnarsoft, which operates CarDekho, PriceDekho and BikeDekho, told the publication that they bought BuyingIQ for the team and their technology. “In the age of big data, innovation for developing customer-driven solutions comes from analytics. There are also synergies between BuyingIQ and our site PriceDekho,” Amit Jain, CEO and co-founder of GirnarSoft told the publication.
BuyingIQ will run independently post the buyout with its entire team being brought on board GirnarSoft. This is the second acquisition of the Jaipur-based company and Earlier in September 2014, CarDekho bought Ibibo’s automobile website Gaadi.com for a reported $11 million.
Started two years ago by Piyush Taneja and Saumitra Purohit, alumni of IIT Delhi and BITS Pilani respectively, BuyingIQ began as an online price comparison portal for electronics. The site started taking a more analytical approach by bringing in data-driven buying recommendations. It claims to serve over 1.2 million users every month through its website and android app.
In January, CarDekho.com raised $50 million in a new round of funding led by Hillhouse Capital and Tybourne Capital, participation from Sequoia Capital. Later in February, the company raised an undisclosed amount of funding from Ratan Tata.
In October 2014, CarTrade.com raised Rs 185 crore from Warburg Pincus, Tiger Global and Canaan Partners. It claims to currently offer more than 100,000 listings of used cars on its platform. It also has a used car pricing guide and and a certification program wherein the car’s present condition is jointly inspected by a CarTrade engineer & the selling dealer and a detailed report is included as part of the listing.
Other players in this segment include Axel Springer’s CarWale, Times Internet’s ZigWheels and India.com’s Oncars.in. Warburg Pincus and Tiger Global backed classifieds site Quikr also competes with CarDekho as it features a used car listings section.