In what could possibly make Cardekho, the biggest player in India’s (and perhaps global) used cars selling space, the Jaipur-based upstart is now announcing the acquisition of its biggest rival, Times internet-backed ZigWheels.
Consequently, Times Internet is now an investor in Girnar Software (CarDekh parent), alongside Sequoia Capital, Hillhouse, Tybourne, Ratan Tata and HDFC Bank.
With a combined traffic of Girnar Software Group’s automotive properties (CarDekho.com, Gaadi.com, Zigwheels.com, BikeDekho.com, TyreDekho.com) at close to 30 million monthly visitors, this transaction will further consolidate its leadership as India’s #1 automotive destination for consumers, dealers, OEMs and other industry stakeholders.
Zigwheels.com will operate independently as a separate business within the Girnar Software umbrella and will exploit powerful cross-synergies with other platforms and resources within the Girnar Group.
Amit Jain, founder/CEO of Girnar Software said,
Having been a part of India’s leading and most respected media group, Zigwheels.com comes with a very strong content pedigree. This strategic acquisition reinforces our commitment to further enrich our content to enable us to engage even more deeply with our consumers.
This is Girnar Software’s CarDekho’s second major acquisition. Last September, it acquired the Nasper Group-owned Gaadi.com. Apart from these major ones, CarDekho also acquired BuyingIQ, a price comparison site for used and new vehicles.
Jain further added,
We are delighted to welcome Times as a new investor in our company and look forward to their support as we continue our journey and further consolidate our leadership in the online auto space.
CarDekho had last year gulped in a staggering $50 Million from Tiger global, making it the biggest investment in India, in this particular space. The upstart had also received undisclosed investments from Ratan Tata and HDFC Bank earlier this year.
The core business model of Girnar Software is earnings from lead generation for new and used cars, media sales on their portals, as well as monetising the lifecycle of a car owner via CarBuddy app. The group boasts of more than 5,000 new and used car dealer tie-ups across the country, the largest among auto portals.
CarDekho is also expanding aggressively across SE Asia, Africa, Middle East and South America to create the largest such business across emerging markets.