Online car marketplace CarDekho on Thursday announced it has acquired Carmudi, an online car classifieds website in The Philippines, to expand its services across southeast Asia.
Philippines is the 2nd southeast Asian country where CarDekho Group has expanded to, after launching operations in Indonesia in 2016 under the brand name OTO.com. The acquisition of Carmudi is aligned with CarDekho’s business strategy to expand its footprint across Southeast Asia.
Launched in 2013, Carmudi is the leading new auto player in Philippines, and with both companies working towards digitalizing the entire auto ecosystem, the country’s automotive industry is expected to witness its next disruption, the company said in a statement.
“We see this growth as a big opportunity to digitize the Philippines auto ecosystem and engage with consumers throughout their online car buying journey. Our strong ecosystem play has made us a leader in India and Indonesia. And now we are expecting the same for Philippines,” said Umang Kumar, co-founder and president CarDekho group.
“Carmudi is already known for quality listings, powerful search, and one-stop convenience but the collaboration with CarDekho will enable us to digitalise and simplify the entire auto ecosystem,” said Cholo Syquia, country head Carmudi Philippines.
CarDekho currently sells both new and used cars on its platform and overall automobile sales have been falling, online car sellers, who comprise a fraction of the market, have seen strong growth. The company’s new auto business segment posted a significant growth of 30%. Its insurance and warranty business grew 525%, used cars business by 120% and financial services business by 135% respectively.
CarDekho, owned by Girnar Software Pvt. Ltd was founded in 2008 by Jaipur-based brothers Amit and Anurag Jain. It has raised about $185 million so far, with the last fundraise of $110 million in a Series C led by Sequoia India, China’s Hillhouse Capital, Google parent Alphabet’s growth investment arm Capital G and Axis Bank, in January. It was valued between $400 million and $500 million at that time.Source: Mint