SUMMARY
CheckGaadi Founders Will Join TVS Post Acquisition
TVS & Sons Group has acquired Bengaluru-headquartered CheckGaadi.com, a provider of vehicle inspection technology and CRM solutions.
With this move, CheckGaadi founders have joined TVS & Sons as part of the agreement. The acquisition was an all-cash deal.
CheckGaadi was founded in January 2015 by Amit Nigam and Sudhakar KSS. The startup provides hassle free “vehicle inspection services” for 2-wheelers and 4-wheeler vehicles. It also provides bike-servicing on its platform.
With this move, proprietary technology of CheckGaadi will be transferred to TVS. It will continue business operations as part of TVS.
An official statement states that to date CheckGaadi scaled up to a team size of 30 across 11 major cities serving close to 75,000 customers till date.
The CheckGaadi customer engagement solution relies on predictive analytics and machine learning algorithms. It makes use of vehicle health information to make predictions about its future and automatically determines the best time and context to connect with the customer.
On the other hand, the TVS Group is a leading supplier of automotive components. As per the official website, TVS Group has a combined turnover of more than over $ 6.5 Bn. It employs a total workforce of close to over 39,000 employees.
The automobile market in India is pegged at $125 Bn. Out of which, $100 Bn is the estimated share of automobile sale and remaining $25 Bn includes services. It is expected to grow at a rate of about 10% to a whopping $225 Bn by 2020.
In May 2017, Mumbai-based online automobile classifieds platform, CarTrade’s parent company MXC Solutions, acquired vehicle inspection and valuation venture Adroit Inspection in an all-cash deal. In June 2017, Gurugram-based used car marketplace Spinny raised $1 Mn Seed funding led by Blume Ventures, Indian Angel Network, and FreeCharge co-founders Kunal Shah and Sandeep Tandon.
Other startups that work in this segment apart from CheckGaadi include Droom, Carwale, MahindraFirstChoice, Carnation, Cardekho, Cartrade, along with some classifieds players such as Quikr and OLX.
