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Launch of CarTrade Tech Ltd. A leading automotive platform, has launched CarTrade Ventures, to invest up to INR 750 crore in 5-7 years to strategically acquire and invest in companies in the automotive space. The company said the goal is to enter a new products and technologies to the existing customers, the company said.
The group seeks innovative companies in the auto finance, leasing, insurance, servicing, car ownership, electric vehicles, clean energy, and new-age technologies such as augmented reality, artificial intelligence, and visualization to digitize the auto buying journey. In addition to capital, CarTrade Ventures will create unique corporate value by collaborating with group companies, gaining access to customers and technology, and helping them scale rapidly.
Over the past few years, CarTrade Tech has acquired and integrated CarWale, the leader in the online new and used car space; Shriram Automall (SAMIL), the leader in the auto auction space; BikeWale, the leader in the online two-wheeler space; and Adroit Auto, a leader in vehicle inspections and appraisals.
Vinay Sanghi, Founder and Chairman of CarTrade Tech Group, said: “We launched CarTrade Ventures to invest in new-age technologies and to digitize vehicle buying, selling and ownership, and to be a key enabler in growing the automotive ecosystem.
To facilitate this, we are looking to deploy up to INR 750 crore for acquiring and investing in companies that are driving innovation in the global automotive ecosystem, so that we can offer the consumer a great online car buying and ownership experience. We have been very successful in growing our business both organically and inorganically, and we are very excited to partner with entrepreneurs who share our same vision and passion.”
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