CARS24 acquires auto content portal Team-BHP
The auto-tech platform will work with Team-BHP to improve its platform and bring in new features that will help members make smarter automotive decisions.
Auto-tech platform, CARS24, on Wednesday said it has acquired automotive content platform Team-BHP to create a community driven approach to help customers make smarter automotive decisions.
As part of this acquisition, CARS24 will work with Team-BHP to improve its platform capabilities, improve user experience, and bring in new features that will help its members make better decisions while deciding to buy, sell or own a vehicle.
Team-BHP was founded in 2004 and has not raised any equity funding, according to Tracxn. Meanwhile, Gurugram-based CARS24 is valued at $3.23 billion as on February 2022 and is reportedly eyeing an IPO.
The move comes at a time when online forums today do not have the same level of popularity as they once did. However, forums that serve niche communities, like that of Team-BHP, have continued to strive and remain an active source of discussion.
“The automotive industry in India has evolved, but conversations around it haven’t. Forums that were once the heartbeat of community-driven advice have either faded away or become echo chambers of paid content. Team-BHP didn’t. It doubled down on truth, transparency and tenacity,” said Vikram Chopra, CEO of CARS24, in a blogpost.
Chopra added that this move signals the company betting on users over influences, stressing on the role forums play to building trust that are not transactional alone.
“To Rush Parekh and everyone who’s contributed to this community: You’ve done something exceptional, you’ve built a brand people don’t just follow, they defend. That kind of trust is priceless. And our job now is to protect it together, not disrupt it. This is one of the most values-aligned partnerships we’ve ever made. And we believe it’s a small but meaningful step toward a more trustworthy auto ecosystem in India,” Chopra added.
Edited by Jyoti Narayan