CarDekho plans international growth
30 Nov 2015
The parent company of CarDekho in India plans to acquire up to five companies in the next four months in order to expand internationally, LiveMint reports.
Mohit Yadav, CEO of CarBay for the Asia Pacific region, said CarBay is in 25 countries and expects to make the acquisitions by March. CarBay is owned by Girnar Software, which is based in Jaipur. Girnar raised $50 million in January from investors including Sequoia Capital and acquired Zigwheels from Times Internet in September. In October, Times Internet made an additional investment in Girnar.
Yadav said the company plans to expand into Latin America and the Middle East, as well as Asia.
The auto classified field in India is rapidly consolidating. In addition to the CarDekho / ZigWheels deal this year, the parent company of CarTrade.com this month acquired CarWale.com.
Separately, CollegeDekho.com, a college search and advertising start-up, today announced that it received a $1 million investment from Girnar Software.