CarTrade IPO: Company submits application for IPO, prepares to raise 2000 crores

CarTrade IPO: Cartrade Tech Ltd. raised funds in April this year, bringing it closer to unicorn status. Unicorn means that the value of the company has reached $ 1 billion. Now the company has submitted the application to SEBI for IPO LAN. The company is set to raise Rs 2,000 crore through an IPO.

CarTrade will be the first online auto classifieds marketplace to issue the issue.

CarTrade.com is funded by several large investors such as Temasek, Warburg Pincus and JP Morgan. People with knowledge of the matter told Moneycontrol that the company is in the process of raising funds to the tune of Rs 2000 crore through an IPO.

If the company’s listing plan is successful, it will be the first online auto platform to launch an IPO. CarTrade.com is also funded by March Capital & Epiphany Ventures. CarTrade.com competes in the business with companies such as Droom, Cars24, Quikr, olx and Mahindra First Choice Wheels. The founder and CEO of CarTrade.com is Vinay Sanghi. He was the CEO of Mahindra First Choice Wheels from 2000 to 2009.

A source privy to the matter said, “Investment bank Axis Capital is working on the proposed IPO. Some other investment bankers may be appointed later. The company is currently planning to raise Rs 2000 crore later. The company may increase the size of the fund.

In April this year, CarTrade raised $ 25 million led by IIFL and Malabar Investment Advisors. After this, the value of the company has reached $ 1 billion.

CarTrade competes with Droom, cars24, Quikr, olx and Mahindra First Choice Wheels.

In November 2015, Car Trade bought rival Carvalle from Germany’s media group Axel Springer for Rs 590 crore. Subsequently, in January 2018, the company took a 51% stake in the vehicle auctioning platform Shriram Automotive India Private Limited. It is a subsidiary of auto loan lending company Shriram Transport Finance.

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