CarTrade Tech, an automotive marketplace launched its new venture arm named as CarTrade ventures. Furthermore, the company plans to invest around INR 750 Crores for five to seven years. The areas of investment include Auto financing, leasing, insurance, service, electric vehicles and clean energy. Besides, the venture arm of CarTrade also plans to invest in new-age technologies like AR (Augmented Reality) and AI (Artificial intelligence).
CarTrade ventures plans to invest the capital through the profits gained and also through the funds available in the company. Additionally, the venture firm could also possibly acquire some ventures.
The founder and chairman of CarTrade ventures, Mr. Vijay Sanghi expressed his views on the launch CarTrade ventures. He said that the company launched CarTrade ventures to invest in the new age technologies. He further explained their plans for the growth of the auto ecosystem.
Set up in 2009, CarTrade is an auto marketplace that enables users to buy new or used vehicles. Additionally, it also provides information about the vehicles. The founders of this multichannel auto marketplace are Vijay Sanghi and Rajan Mehra. The platform owns multiple brands like CarWale, BikeWale, Adroit Auto and AutoBiz, etc.
This multi-channel auto marketplace is currently present in over 200 physical locations and is one of the few profitable auto marketplace in the country. Apart from this, the company was listed on the stock exchange in August 2021. This automotive platform claims of having 35 Million average monthly unique visitors.
Previously in December 2021, a similar plan was unveiled by the company.
CarTrade ventures aims to invest in various companies and help them grow consistently. Certainly, the investments from this newly launched venture will help startups elevate in the market. Additionally, the venture will also help the startups through technology and customer support. Investments and acquisitions from CarTrade ventures will play an instrumental role in scaling the companies.
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