On June 24, 2024, private equity firm Warburg Pincus and Singaporean state-owned conglomerate Temasek Holdings offloaded about four million and two million shares in India-based used cars marketplace CarTrade Tech, respectively.

According to data from the Bombay Stock Exchange (BSE), HighDell Investments Ltd. — a subsidiary of Warburg Pincus —- sold about four million shares in CarTrade — 8.6% of its total equity — almost halving its stake in the company to 8.7%.

MacRitchie Investments Pvt. Ltd. — a subsidiary of Temasek Holdings — reduced its stake in CarTrade from 16.3% to about 12% by offloading more than two million shares on the same day. Both HighDell and MacRitchie sold their shares in CarTrade for about INR828 ($9.90 U.S.) apiece.

Moreover, JP Morgan’s CMDB II sold 300,000 shares in CarTrade (representing about 0.7% of its total equity).

Foremost among those who bought shares in CarTrade Tech on June 24 were Goldman Sachs Funds, Societe Generale, Verition, Patronus, Bajaj Allianz and HSBC Global Investment Funds.

In March this year, investors Springfield Venture International and March Capital offloaded CarTrade shares worth a total of INR700 million. CarTrade’s shares reached a calendar-year high of INR935 on May 10. At the time of reporting, the company’s share price stood at INR785.

Founded in 2009 and headquartered in Mumbai, CarTrade Tech operates CarWale, Shriram Automall, BikeWale and OLX India, in addition to 75 CarWale AbSure outlets in 33 cities nationwide. It posted INR5.5 billion in consolidated total revenue for the 12 months to March 2024, up 29.8% year on year.

 

 

 

 

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