Used car startups seek new routes as revenue tanks
Value-added services like financing and insurance get attention as ‘growth-at-all-costs’ push takes backseat.
CarTrade
Company limited by shares (2)CarTrade Overview
INDIA HO
THRISSURCIN
U50103KL2002PTC015417TYPE
PRIVCATEGORY
Company limited by sharesSUB-CATEGORY
Indian Non-Government CompanyWEBSITE
FOUNDED
15 May,2002PAID-UP CAPITAL
100,000AUTHORISED CAPITAL
200,000CarTrade in News
CarTrade shares jump 13% on strong Q2 earnings, hit 52-week high
Today's gains take stocks' rally to seven sessions in a row. The price action was supported by volumes as 16 lakh shares changed hands on the NSE around 11:15 am.
CarTrade's Sobek shuts customer-to-business operations, shifts focus to classifieds business
Sobek Auto’s C2B transaction business struggled with its unit economics. The company aims to reduce both human resource and other administrative costs and to explore partnership opportunities with other players.
CarTrade Tech shares jump 7% as Q1 PAT soars 300% YoY
The company received 3.4 crore average monthly unique visitors for Q1 FY24, of which 85% were organic, the company filing claimed. The number of listings for auction was 250,103 for Q1 FY24 while the volumes sold via auction was 49,112 during the reporting quarter.
CarTrade to acquire OLX India’s auto business for INR 537 crore
In a stock exchange filing on Monday, CarTrade said that it will acquire 100% stake in Sobek Auto India Pvt Ltd, the entity which houses OLX India’s automotive business for a cash consideration.
CarTrade Q4 results: Profit at Rs 17.5 crore, revenue grows 19% YoY
Multi-channel auto platform CarTrade Tech reported a consolidated net profit of INR 17.49 crore (USD 2.3m) for Q4 FY23. This compares with a net loss of INR 21.39 crore in the same period a year ago. Its revenue surged 19% YoY to INR 116.6 crore due to organic growth from its brand, CarWale, which has over 34 million average monthly unique visitors. Its adjusted EBITDA for the year ended March 31, 2023, stood at INR 124.92 crore, while adjusted PAT for the same period was INR 80 crore.
CarTrade Tech ties up with Cholamandalam for financing used cars
Under the partnership, Cholamandalam Investment and Finance (Chola) will become the preferred financier for customers purchasing used vehicles from CarWale abSure's dealers with customised offerings, the company said in a statement.
Nomura initiates coverage on this new-age stock with 'buy'
"CarTrade will benefit from rising digital spends by auto OEMs (14% share in FY20) and dealers (6-8% share), as a majority of customers are using the online medium to search for cars. We estimate auto digital spends to record a 22% CAGR over FY22-25," said Nomura in a note dated April 28.
You might not be able to recover your investment in CarTrade even after a year
Going by the views of the first analyst to start coverage on the stock, you might not recover your investment even after a year.
CarTrade posts net loss of Rs 35.35 cr in Q2
Consolidated revenue from operations stood at Rs 77.57 crore in the second quarter this fiscal as against Rs 57.47 crore in the same period last fiscal.
CarTrade launches one-stop services platform to buy, sell pre-owned cars
The newly-launched offline and online retail platform 'CarWale abSure' also offers customers services such as free home car inspection, loan closure assistance, guaranteed ownership transfer and assured payments within 24 hours post-inspection, among others, it added.
CarTrade IPO to open on Aug 9; price band set at Rs 1,585-1,618/share
The initial public offering (IPO) will open for subscription on August 9 and conclude on August 11. The bidding for anchor investors will open on August 6, the company announced.
SheerDrive raises seed round funding from Group Landmark
SheerDrive aims to transform and streamline the way pre-owned cars are bought and sold. It offers an online platform for real-time pricing with the goal to drive the used car market higher.
CarTrade plans NBFC foray, may buy small cos to beef up operations
The company is also planning an IPO in 18-24 months to provide an exit option to some investors: MD.
CarDekho raises $100 million in latest investment round
The funding round led by Sequoia Capital’s global growth fund as well as existing investor Hillhouse Capital, values the Gurgaon-based firm at $400-$500 million.
CarTrade's parent acquires vehicle inspection and valuation venture
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 USbased family office, whose name was not disclosed.
Pre-owned car marketers target electric and hybrid vehicles
In focus are cities like Bengaluru where the electric vehicle population has grown in the last couple of years. Also in focus are in-campus commercial vehicle usage as well as short-distance second car options even in cities like Delhi.
Auto portals betting big on used car business
CarTrade, which also owns CarWale, and CarDekho, which also owns Gaadi.com and ZigWheels.com, both plan to go public by 2019-2020, senior company officials said.
Droom targeting $30-50 million in its next round of funding
According to industry estimates, the country's domestic automobile sector, including services, is the third-largest in the world, valued at about $125 billion, and is expected to touch $250 billion by 2020.
This October seeing rise in sales of used vehicles
Used car players like Mahindra First Choice Wheels, online portals like Cartrade/Carwale and Droom have all witnessed an uptick in demand with both two and four-wheelers showing growth .
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