Leading online automobile classifieds CarTrade has now acquired vehicle inspection and valuation company Adroit Inspection in an all-cash deal. However, the amount of the deal was disclosed. CarTrade has also acquired its rival CarWale a year ago.
The acquisition comes 2 months later after CarTrade raises Series F funding from Temasek and their existing investors. However, the team of Adroit will continue to operate as a separate entity. Apart from this acquisition, CarTrade is also evaluating two-three companies for potential acquisitions and may strike a deal in three to six months’ time.
Incepted in 2005, Adroit Group was founded by first generation entrepreneurs – Himanshu Lohiya, Mukesh K Gupta, and Puneet Tyagi. Adroit Technical Services Pvt. Ltd. is one of the premier company engage in the inspections and valuations of the motor vehicles. and provide services to a number of Financial Institutions, Banks, Insurers and Corporate. They provide effective efficient and time bound services for all kind of motor vehicles which includes Two Wheelers, Private and commercial Motor Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Earth Moving Equipments and light Aircraft.
Commenting on the acquisition, Mukesh K Gupta, CEO of Adroit Inspection said: ” We are very happy with this partnership and are excited to be a part of CarTrade, which is India’s largest used and new car online platform.”
CarTrade has raised more than $230 million to date from Warburg Pincus, Temasek, Tiger Global, Canaan Partners and Epiphany Overseas Ventures. Besides being an online marketplace for new and used cars, CarTrade also provides reviews, on-road prices, car comparisons and latest auto news. In the last quarter, the company forayed into auto finance and will soon launch insurance services, where users can buy insurance policies through its platform.
Ravi Mehra, President and Auction Head at Cartridge, said: “This acquisition addresses a crucial challenge – the ability to inspect vehicles promptly across the spread of the country. The ability to touch and feel vehicles not only enables smooth and efficient used vehicle transactions but is also the core for supplementary propositions, which includes aspects like re-finance, warranties, insurance etc.” Read more about Indian Startup Ecosystem.
Recommended for you
Leave a Reply
Leave a Reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.