CarTrade launches Rs 750 Cr venture fund to invest and acquire companies
CarTrade would look to invest in areas, including EVs, clean energy, insurance, auto finance, and leasing, among others.
Auto platformTech said it launched a venture arm, CarTrade Ventures, to invest up to Rs 750 crore over five to seven years in areas including auto finance, leasing, insurance, servicing, car ownership, electric vehicles, clean energy, and new-age technologies.
The company, which said the capital would be invested through the profit generated and funds available, could also possibly acquire some of these ventures.
"We have launched CarTrade Ventures to invest in new-age technologies and to digitalise the buying, selling, and ownership of vehicles, and be a key enabler in the growth of the auto ecosystem," said Founder and Chairman Vinay Sanghi.
Founded in 2010, CarTrade is a platform that allows users to own new and used vehicles, as well as discover related information about them. The company runs brands such as CarWale, BikeWale, Adroit Auto, and AutoBiz, among others.
The company was listed on the stock exchange in August 2021. It claims to have 35 million average monthly unique visitors.
CarTrade is reportedly one of the platforms that could acquire distressed and fraud-ridden automobile servicing startup. News around the startup fudging its revenue numbers during a fundraise came to light when the company it was pitching to—SoftBank—found discrepancies during an audit.
Its shares ended 1.47% lower at Rs 514 on Friday.
Edited by Suman Singh