Online auto classifieds firm CarTrade.com on 13 November 2015 acquired car-selling portal CarWale.com from Automotive Exchange Pvt. Ltd. in a full-cash deal.
However, the size of the deal was not disclosed by CarTrade, which is owned and operated by Mumbai-based MXC Solutions India Pvt. Ltd.
As a part of the acquisition, German media giant Axel Springer exited CarWale by selling its entire shareholding to CarTrade.
After the deal, the CarTrade, which only sells used cars, plans to enter into the new cars segment. However, both the companies will continue to operate as independent platforms.
Together, the CarTrade and the CarWale get over 32 million monthly visits and work with about 9000 new and used car dealer partners who connect car manufacturers with buyers. The deal gave a passage to more than 225000 used cars to be listed for sale now.
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What: Acquired CarWale
When: 13 November 2015