Online automobile classifieds portal, Cardekho.com has acquired Times Internet owned auto portal Zigwheels for an undisclosed amount. Consequently, Times Internet is now an investor in Girnar Software, alongside Sequoia Capital, Hillhouse, Tybourne, Ratan Tata and HDFC Bank. Zigwheels.com will operate independently as a separate business within the Girnar Software umbrella.
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 takes its market position to the next level in the digital auto vertical across visitors, dealer base & revenues.
This is Girnar Software’s second acquisition. Last September, it acquired the Nasper Group-owned Gaadi.com, to become the leader in the digital used car segment and strengthen its management team.
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.
Girnar Software is also expanding aggressively across SE Asia, Africa, Middle East and South America to create such business across emerging markets. The Rainmaker Group (TRMG) acted as the exclusive financial advisor to Girnar Software for this transaction.
Apart from this, in April, CarDekho acquired BuyingIQ.com, a shopping engine, for an undisclosed amount. The company is also planning to double its workforce by hiring 1,000 more people this year. It was founded by brothers Amit and Anurag Jain, both IIT-Delhi alumni, and the company had received its first institutional round in 2013 by Sequoia Capital.Category Business News