CarDekho Acquires Times Internet Owned Auto Portal Zigwheels

Jaipur-based car portal CarDekho, has acquired Times Internet owned auto portal, Zigwheels, for an undisclosed amount. CarDekho said that the acquisition would help them in enhancing content.

According to TOI, Zigwheels recorded an estimated monthly visits of 8 Mn while CarDekho saw around 25 Mn monthly visits.

Founded in 2008, Gurgaon-based Zigwheels is an online platform that helps buying & selling of cars or bikes. Besides, it also provides information on car loans, insurance and reviews.

ZigWheels has a team of experienced motoring journalists, who provide comprehensive content on various motoring subjects for new and hard-core readers. All of these are supported by an extensive database of every car & bike sold in the country, replete with specifications, expert opinion and pricing.

Speaking on the development, Amit Jain, co-founder & CEO of CarDekho said, “The Zigwheels acquisition is a strategic step for us to enhance our content to be richer and more engaging so that we can help car and bike buyers. Zigwheels will work as an independent entity within the group.”

With this acquisition, Girnar Soft, the parent company of CarDekho, which also owns and operate internet portals Bikedekho and Pricedekho, has made its third acquisition including Gaadi.com and BuyingIQ.com this year.

Earlier this year, CarDekho had raised $50 Mn (INR 307 Cr.) in a new round of funding led by Chinese funds Hillhouse Capital and Tybourne Capital. The investment was done at about $300 Mn post-money valuation.

Prior to that, the company had raised over $15 Mn from Sequoia Capital in 2013 against 20% stake in the company. Ratan Tata and HDFC Bank have also picked up minority stakes in the company.

Girnar Soft developments:

1. In August 2015, CarDekho launched its commercial vehicle platform TrucksDekho. The portal addresses market of commercial vehicles by showcasing latest trucks information.
2. In July 2015, CarDekho launched CarBay, a portal which would provide information on cars in Malaysia and Thailand.
3. In May 2015, CarDekho had announced the launch of its platform TyreDekho. This portal provides content, reviews and research tools to guide consumers to make the best choice for a tyre purchase.
4. In April 2015, the company bought Delhi-based price comparison portal BuyingIQ.com.
5. In Spetember 2014, CarDekho had acquired Ibibo Group-owned Gaadi.com for an undisclosed amount which was said to be around $11 Mn deal.

CarDekho was founded in 2008 by siblings, Amit and Anurag Jain. It is an online marketplace for users to buy and sell used and new cars. The site also offers information on car insurance and finance. For every buyer that goes to a dealer through CarDekho, the company earns a share. In the same way, for the used car model, the firm charges dealers for displaying the inventory.

Other players in this segment include, Carwale, Cartrade, Autoindia.com, Carazoo.com and MotorExchange.