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CarTrade IPO: A look into its business, COVID-19 impact and plans for the future

Online automotive classifieds CarTrade plans to raise Rs 2,000 crore through a initial public offering (IPO) and plans to expand into electric vehicles, ride-sharing, vehicle subscription and vehicle servicing services. According to the draft red herring prospectus (DRHP) filed with the Securities Exchange Board of India (SEBI), CarTrade will issue over 12 million equity shares at a face value of Rs 10, translating to 26.96% of its post-offer paid-up equity share capital. Highdell, which is the company's biggest shareholder will be selling the biggest stake— 5,379,055 equity shares —, followed by MacRitchie selling 3,568,217 shares, then CMDB and Springfield. Other shareholders that will sell their shares through the IPO include Bina Vinod Sanghi, Shree Krishna Trust and others. Axis Capital is the lead book-running manager, while Kotak Mahindra Capital Co, Citigroup Capital Markets and Nomura are the investment banks for the IPO. CarTrade: A background CarTrade's platforms operate under several brands: CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade, Exchange, Adroit Auto and Auto Biz. "Through these platforms, we enable new and used automobile customers, vehicle dealerships, vehicle OEMs and other businesses to buy and sell their vehicles in a simple and efficient manner," the DRHP said. Two platforms, CarWale and BikeWale, are ranked number one on the basis of online search popularity. These companies were incorporated as Kaymo Fastener Company Pvt Ltd back in 2000, and was subsequently changed to MXC Solutions India Pvt Ltd in 2009. In 2021, the company changed to CarTRade Tech Pvt Ltd. In recent years, the…

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Among other subjects, I cover the increasing usage of emerging technologies, especially for surveillance in India

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