Indian automotive technology company CarDekho Group has acquired the automotive website Carmudi Philippines, Inc. CarDekho in a statement Monday said it is expanding across South East Asia, tapping the Philippine company after expanding to Indonesia with OTO.com in 2016.
With this acquisition, the statement said, CarDekho’s technologies are expected to upgrade the buying and selling website experience for Carmudi. The companies are also expected to introduce new products and innovations.
CarDekho is the flagship portal and subsidiary of software development company GirnarSoft.
“Carmudi is already known for quality listings, powerful search, and one-stop convenience but the collaboration with CarDekho is how we push the potential for our site visitors,” CEO of Carmudi Philippines, Cholo Syquia was quoted as saying.
Founded in 2013 by Erwin Sikma, Fritz Simons and Stefan Haubold, Berlin-based Carmudi car classified site that operates in 20 countries across Asia, Africa, Latin America, and the Middle East. Last year in January, the company raised $10 Mn funding to improve its operations in Philippine. Previously, Carmudi raised $10 Mn seed funding in 2014 and $25 Mn in 2015.
CarDekho.com is an Indian car search venture that helps users buying cars for them. Its website and app carry automotive content such as expert reviews, detailed specs, and prices, comparisons as well as videos and pictures of all car brands and models available in India. The company has tie-ups with many auto manufacturers, more than 4000 car dealers, and numerous financial institutions to facilitate the purchase of vehicles. CarDekho became operational in 2008.
CarDekho also runs an e-commerce marketplace for automobile accessories such as tyres and batteries and provides roadside assistance. Moreover, it has developed a whole ecosystem around automobile purchases by venturing into financing, insurance and more.
In January 2019, the company raised $110 Mn in Series C from its previous investors Sequoia India, Hillhouse Capital, Alphabet growth’s investment arm CapitalG and Axis Bank. With this funding, the company has raised a total of $202 Mn across investment rounds.
According to media reports, CarDekho is in talks with Chinese strategic investor Autohome and some existing investors like Sequoia for a further investment of $100 Mn as part of a Series D funding round. Autohome will reportedly invest $70 Mn into the company.
The company has witnessed a 62% growth in its revenue to reach INR 260 Cr mark. Also, its insurance and financing business registered a 140% year-on-year (YoY) growth in the same fiscal year.