Cardekho Planning to Acquire 5 Companies for Global Expansion
Mumbai, India | Red Newswire | Nov 30, 2015 Last Updated at 02:09 PM IST.
Girmar Software Pvt. Ltd., the owner of auto classifieds portals Bikedekho.com and Cardekho.com is looking forward for global expansion and thus plans to acquire to 5 companies by march 2016.
The Jaipur – based company was founded by Amit Jain and Anurag Jain back in 2008. By March the company had expanded to 25 countries with its international portal Carbay.com.
Mohit Yadav, Asia-Pacific Head of Carbay.com said that the expansion is focused on Asia-pacific region. The company has already begun hiring and is expected to start marketing by next year. After this, the company will focus on Latin America and Middle East.
Yadav said, “These regions are four to five years behind India when it comes to technology and organization of the market; hence, we see a lot of potential of growth.”
The company also plans to introduce other value-added services in India. Although the company began with used cars, it now deals with new cars, accessories, tyres and insurance. Across a number of cities it has also launched roadside assistance services.
L.K. Gupta, CEO of Cardekho said, “In case of emergencies, when the vehicle breaks down, there is always help needed, and an assured and reliable roadside assistance scheme is difficult to find; hence, we saw an opportunity.” The roadside services include replacing flat tyres, dead batteries, medical help and towing. The users can avail these services by subscribing to its annual packages of Rs. 999 – 1,699. These services will be launched in Mumbai by 2016.
Sridhar Venkatachari, Partner, Grant Thornton India LLP, said, “With growing acceptance, online firms have grown their portfolio of services to include new cars, accessories and other services. In addition to this, global companies such as Volvo and General Motors are encouraging sale of vehicles online, this trend would creep into India. Users after a few years wouldn’t mind buying a car online after test driving and seeing it once.”
Currently 120,000 cars are listed on Cardekho.com and it has 3,700 partnerships. Girmar Software raised funds worth $50 million earlier this year and in October it acquired Zigwheels.
Currently Cardekho.com lists 120,000 used cars and has partnered with 3,700 dealers for new cars. Girnar raised $50 million in funding in January this year and acquired Zigwheels.com in October.