Online auto classifieds company CarTrade has filed the prospectus for an INR 2,000 Cr IPO
The company is helmed by CMD & CEO Vinay Vinod Sanghi whose FY21 compensation was INR 5.21 Cr
The company’s Board boasts of a former Secretary in the Government of India and an ex-deputy governor of the RBI, among others
Mumbai-based online auto classifieds startup CarTrade filed its Draft Red Herring Prospectus (DRHP) with the Indian market regulator Securities and Exchange Board of India (SEBI) last week, for its INR 2,000 Cr initial public offering (IPO). According to the DRHP shared by Axis Capital, lead book running manager for the IPO, CarTrade will be making a pure offer for sale (OFS) for 1,23,54,811 equity shares of the company.
CarTrade, founded in 2009 by Vinay Sanghi, is an online automotive market for buyers and sellers of new and used vehicles. The company’s online car auction platform has a presence in over 80 Indian cities. As of last year, it claimed to be selling 1 Mn vehicles a year. More than 40 OEMs and 15,000 plus dealers work with the CarTrade Group and it has over 180 owned or franchise stores.