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CarTrade acquires auto classifieds portal CarWale for $90M

CarTrade, the Mumbai-based auto classifieds website, has acquired its peer CarWale for ~ $90 million (Rs 590 crore), reports ET. The deal was made primarily in cash. Axel Springer, which owned 91% in Carwale has sold its stake 5 years after acquiring it. We've written to CarWale for more information and will update the story if we hear from the company. Mohit Dubey, founder of CarWale, will join the combined entity as co-founder and director, and will have an equity stake in CarTrade. Carwale will also earn advertising revenues. The ET report adds that both the platforms will operate independently where Carwale will focus on new cars and CarTrade on used car brands. Carwale’s bike retail division Bikewale till move to CarTrade as a part of this deal. Together, the entity will have 2,000 employees, 9,000 car dealers and 225,000 used cars on the platform. Earlier this month, BusinessWireIndia reported that the Carwale group saw 22.4 million group visits in October 2015, its highest monthly traffic so far, and a 30% growth from October 2014. Carwale saw 18.4 million visits, while Bikewale saw 3.9 million visits. In February, CarTrade raised an undisclosed investment from Chip Perry, the former founding chief executive of Auto Trader, an online auto classifieds company in the US. In October 2014, it had raised Rs 185 crore from Warburg Pincus, Tiger Global and Canaan Partners. At that time, it claimed to have over 100,000 listings of used cars on its platform. In 2010, Axel Springer, along with India Today,…

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I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

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