A platform to buy and sell cars and related services, CarDekho.com, has opened discussions with investment banks as it aims to list itself on Indian bourses next year. Post CarTrade Tech Limited, which went public in August 2021, CarDekho will be the second auto classifieds portal to go public in India. Speaking of which, the former company had raised Rs 2,998.5 crore in its Initial Public Offering (IPO).
Keeping anonymity, a person involved in this stated, “CarDekho is engaged in talks with several investment banks for its IPO plans. The company is looking to raise around Rs 3,000 crore to Rs 4,000 crore through the IPO. Banker appointments are expected soon.”
Furthermore, the IPO will include a mix of fresh fundraising for the company’s growth plans, coupled with a secondary share sale by early investors in the company, who are looking to divest part of their shareholding. CarDekho.com, funding will be participated by the likes of Google Capital, Tybourne Capital, Hillhouse Capital, Sequoia Capital, HDFC Bank, Ratan Tata and Times Internet as its investors.
If we speak of CarDekho.com, it helps customers to buy cars, whether new or used; thereby providing them with expert reviews, detailed specs and prices, and comparisons on cost as well as features and alternative models. Furthermore, it also offers videos and pictures of all car brands and models available in India for client’s comprehensive review. Today, the company has well established tie-ups with numerous auto manufacturers including more than 4000 car dealers and numerous financial institutions to enable a seamless purchase of vehicles.
Additionally, CarDekho also provides an array of tech-enabled tools to car manufacturers and car dealers apart from being a platform for customers to buy and sell cars. The platform offers robust apps for dealer sales executives to manage leads, cloud services for tracking sales performance, call tracker solutions, digital marketing support, virtual online showrooms and outsourced lead management operational process for taking consumers from enquiry to sale.
Also to note, the company has also expanded beyond India’s borders to Southeast Asia with the launch of its Zigwheels platform across the UAE, Philippines and Malaysia, coupled with a Oto brand in Indonesia. Furthermore, the company has also spread its wings into the car insurance business through InsuranceDekho.Com.
