CARDEKHO GROUP ACQUIRES CARMUDI PHILIPPINES, EXPANDS SOUTHEAST ASIA PLAY

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The Philippines is the second Southeast Asian country where CarDekho Group has started its operations after Indonesia, where it operates as OTO.com.

Jaipur-headquartered CarDekho group, (which owns và operates CarDekho.com, Gaadi.com, ZigWheels.com, Powerdrift.com, BikeDekho.com, và OTO.com in Indonesia) on Thursday said that it has expanded its global footprint by acquiring online car classifieds site, Carmudi Philippines.

In a statement, the startup said that this particular acquisition is aligned with its business strategy to lớn expand & fortify its footprint across Southeast Asia.

Launched in 2013, Carmudi, which was a part of Rocket Internet, is an online classifieds, which focusses on buying and sale of new, used, and second h& automobiles.


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Umang Kumar, Co founder and President CarDekho on Carmudi acquisition.

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CarDekho plans khổng lồ expvà the footprint khổng lồ Southeast Asia, operates in Indonesia under the br& name OTO

With this acquisition, the Philippines is the second Southeast Asian country where CarDekho Group has started its operations. Earlier in năm nhâm thìn, the company started its Indonesia operations under the brvà name OTO.com.

Speaking about CarDekho Group’s global expansion, Uvới Kumar, Co-Founder & President, CarDekho group said,

“We are excited to lớn exp& our international footprint và invest in the new region. Philippines" underlying macro fundamentals make it an extremely promising market. The market demand for new PVs in the Philippines has grown at a CAGR of 14 percent during 2014-2018 with new oto sales crossing 3,80,000 units in 2018. We see this growth as a big opportunity khổng lồ digitise the Philippines tự động ecosystem và engage with consumers throughout their online oto buying journey. Our strong ecosystem play has made us a leader in India & Indonesia. And now we are expecting the same for the Philippines.”
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CarDekho will aggressively focus on building up and digitising the ecosystem and offer kết thúc to end solutions khổng lồ both new & used car buyers.

“CarDekho, a leading full-stachồng auto tech company backing us will help us in further strengthening our position in this region. This means added enhancements in technology, processes, and platform resulting in great user experience. Carmudi is already known for unique listings, powerful search, và one-stop convenience but the collaboration with CarDekho will enable us to digitalise và simplify the entire auto ecosystem.” said Cholo Syquia, Country Head, Carmudi Philippines.

CarDekho also claimed that it works actively with over 4,000 new auto dealerships and 3,000 used car dealers across India.

In addition, it works in collaboration with more than 10 financial institutions & 18 insurance companies across the country to lớn facilitate used car financing và insurance khổng lồ provide a seamless experience for both buyers & sellers.

The company also recently announced its H1 results for FY 19-20. The overall revenue of the company stood at $28 million in the first half of the last fiscal year.

Despite the slowdown in new tự động hóa sales across the country, the company said that its new tự động business segment posted a significant growth of 30 percent, while its Insurance and Warranty business grew by 525 percent. On the other hvà, CarDekho’s used cars business grew by 120 percent and its Financial Services business by 135 percent respectively.

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Earlier in June, the company forayed into the digital insurance space with InsuranceDekho.

In August, CarDekho raised an investment of Rs 132.95 crore as part of its Series C round led by Cayman Islands-based SC GG India Mobility Holdings LLC, with participation from Hillhouse and Kreatif Media Karya.

In January, it raised Series C funding of$110 million from Sequoia India, Hillhouse, CapitalG (Alphabet growth investment arm) and Axis Bank.

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Other marquee investors in CarDekho include Tybourne Capital, HDFC Bank, Axis Bank, Times Internet, Ratung Tata, & Trifecta.