Used Cars in India, Certified Second Hand Cars - CarTrade

Cartrade india

Cartrade india


In a market that does not inspire much confidence in financiers or buyers, the company has launched a certification service to provide quality checks to used cars and for providing transparency.

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The losses of the online auto portals are increasing on the back of high marketing and advertising expenses. However, this has not stopped the companies from advertising their used cars vertical which they see as a big future growth engine.

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Two years ago, just 65% searched online before coming to a car dealer. Now 95% users search online before coming to an offline dealer.

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&ldquo We want to increase the sense of pride and lower the anxiety in the mind of a customer when they plan on buying a used vehicle,&rdquo said Sandeep Aggarwal, CEO of Droom.

The deal, primarily in cash, will see Axel Springer sell its 96% holding in CarWale five years after first acquiring the stake.

The acquisition was made about three months after the Mumbai-based company raised $55 million in a fresh round of funding co-led by its existing backer Temasek and a US-based family office, whose name was not disclosed.

Online car buying portal CarTrade will apply for a non-banking finance company (NBFC) licence, a top company executive said, in a bid to muscle into the $85 billion used car market in the country.

The deal, which is part of Xiaomi&rsquo s efforts to increase its presence in the Indian mobile application space, values at around Rs 555 crore.

CarTrade recently raised Rs 955 crore from Singapore-based investment firm Temasek and global venture capital firm March Capital.


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