Girnar Software that owns auto portals like CarDekho.com, Gaadi.com, BikeDekho.com, TyreDekho.com and Zigwheels.com has received investment from Zigwheels’ parent company Times Internet. Times is now an investor in Girnar Software along with Sequoia Capital, Hillhouse, Tybourne, Ratan Tata and HDFC Bank.
The Rainmaker Group (TRMG) acted as the exclusive financial advisor to Girnar Software for this transaction.
Earlier in September this year, CarDekho acquired Times Internet owned auto portal Zigwheels for an undisclosed amount in order to enhance its content. According to Girnar, a combined traffic of its automotive properties is close to 30 Mn monthly visitors. The company also has more than 5000 new and used car dealers tie-ups across the country.
Satyan Gajwani, CEO of Times Internet said, “We see tremendous growth and value creation opportunities in the online auto industry in India and overseas. Girnar Software, as the leader in this space, is best positioned to take advantage of this opportunity. We are excited to be partnering with an exceptional management team which has built great value and we are confident will continue to blaze trails in the years to come”.
Girnar Software’s core business model is earning from lead generation for new and used cars, media sales, as well as monetising the lifecycle of a car owner via CarBuddy app.
After budding as India’s leading auto destination, Girnar is also expanding aggressively across SE Asia, Africa, Middle East and South America to create the largest such business across emerging markets.
Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.
