wordpress blog stats
Connect with us

Hi, what are you looking for?

Axel Springer & India Today Buy Carwale; Springer Takes 19.1% In Bag It Today

German media company Axel Springer and the India Today group have together acquired a majority 70.4% stake in auto classifieds business Carwale.com. Of, Axel Springer has picked up 52.1% stake, while the India Today group has bought 18.3% stake. Note that Axel Springer and the India Today group already have a 49:51 joint venture partnership in India to publish the fortnightly magazine Auto Bild. The acquisition of Carwale is a natural extension of this partnership. Mahesh Murthy, partner at Seed Fund told MediaNama that both Seed Fund and Sierra Ventures have exited completely, and the remaining stake is held by the promoters of Carwale, including CEO Mohit Dubey, and employees as ESOPS. There are options for the promoters to exit in the future, based on pre-agreed norms; the promoters have sold some stake in this deal.

Carwale had raised $7 million from Sierra Ventures in 2008, and Dubey had told MediaNama that they weren’t looking at raising another round. The company had closed the 2007-08 fiscal year with revenues of almost Rs. 4 crores, and according to industry sources their revenues are likely to be around the Rs. 6-8 crores range now.

This is the second acquisition in the online auto classifieds space in India: in August last year, CarTradeIndia.com was acquired by MotorExchange, which was subsequently funded by Canaan Partners. Carwale claims to be the market leader, with “a wide margin” in the auto classifieds space in India, with 1.3 million unique users and more than 17 million page impressions per month. Carwale competes with multiple auto classifieds portals in India, including Consim Info owned IndiaAutomobile, Gaadi.com*(please read disclosure below), AutoIndiaCarazoo CarSalesIndiaDriveInsideIndimoto, among others.

bagitBag It Today

In addition to this, Axel Springer has also picked up 19.1 percent in the Indian discount buying business Bag It Today. Bag It Today is a 100% subsidiary of the India Today Group. BagItToday claims to have more than 3 million registered users. Axel Springer has also acquired the option of increasing its stake in BagItToday, and take a majority stake in the company. The investment has come in just a few months after India Today brought on board former NDTV Convergence COO Salil Kumar as CEO. What we don’t know yet, is whether Bag It Today will take on a TV avatar, like Homeshop18.

Carwale Raises $7 Million From Sierra; Isn’t Looking At Another Round
India Today Group Launches Premium E-Commerce Portal BagItToday

*- Disclosure: Gaadi.com is owned by Accentium Web, founded by my cousin Vivek Pahwa.

Advertisement. Scroll to continue reading.
Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.



While the market reality of popular crypto-assets like Bitcoin may undergo little change, the same can't be said for stablecoins.


Bringing transactions related to crypto-assets within the tax net could make matters less fuzzy.


Loopholes in FEMA and the decentralised nature of crypto-assets point to a need for effective regulations.


The need of the hour is for lawmakers to understand the systems that are amplifying harmful content.


For drone delivery to become a reality, a permissive regulatory regime is a prerequisite.

You May Also Like


Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...


135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...


Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...


By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ