CarTrade Tech Ltd, India’s first online auto classifieds marketplace, files for Rs 2,000 crore-worth of initial public offer (IPO) with SEBI. The entity is backed by private equity giants like Warburg Pincus, Temasek, JPMorgan and March Capital Partners.
According to Moneycontrol.com, there is no fresh issue of shares and the IPO consists of a pure OFS or offer for sale of 12,354,811 equity shares.
Axis Capital, Kotak Mahindra Capital, Nomura and Citi are the investment bankers for the IPO.
CarTrade operates as a platform for business-to-business (B2B) and business-to-consumer (B2C) operations. The service is divided into two sets - CarTrade.com, the B2C portal where users can buy and sell new and used cars, and CarTradeExchange.com, the B2B dealer portal allows dealers to manage their online auctions and sales. It has been founded by Vinay Sanghi. Other companies part of the group are Carwale, Bikewale, Adroit auto, and Shriram Automall.
According to reports in March 2020, the firm had a gross merchandise value of around $3 billion.
Currently, over 4 million unique consumers visit CarTrade.com every month according to its website.