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CarDekho acquires Ibibo’s automobile site Gaadi.com

Sequoia Capital-backed CarDekho has acquired Ibibo's automobile site Gaadi.com, reports The Times of India. While the acquisition amount remained undisclosed, the report pegs the deal at $11 million. CarDekho founder & CEO Amit Jain told the publication that both the company will continue to remain independent and operate as separate businesses. He said that this acquisition will enable them to focus on pre-owned car business which currently accounts for only 10% of their revenues. Jain claimed that the combined entity of CarDekho and Gaadi will be the largest online auto classifieds sites in terms of revenue and traffic and it now hopes to clock Rs 500 crore revenues over the next five years with 50% revenues coming from both used car sales and new car sales. This acquisition follows a source-based Times Of India report in June that had suggested that…

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