Founded in 2007, Jaipur-based Girnar Software, which owns internet portals Cardekho, Bikedekho and Pricedekho, had received $15 million in funds from Sequoia in November last year
Sequoia Capital-backed Cardekho has acquired Ibibo Group-owned Gaadi.com in the first big consolidation move in a fragmented online auto classifieds market, as reported by The Times of India.
The combined Cardekho and Gaadi entity is expected to become the largest online auto classifieds play by revenue and traffic, Amit Jain, founder & CEO of Cardekho, told TOI while confirming the development.
Founded in 2007, Jaipur-based Girnar Software, which owns internet portals Cardekho, Bikedekho and Pricedekho, had received $15 million in funds from Sequoia in November last year.
Jain said both the companies will continue to run independently and operate as separate businesses in order to drive focus, especially in the pre-owned car business. He refused to give details of the financials. However, as reported earlier, Cardekho is expected to have paid $11 million for Gaadi. The transaction will see the Ibibo Group completely exit the Gurgaon-based Gaadi, which it bought in 2011.
Ashish Kashyap, CEO, Ibibo Group, said the company wants to focus on the online travel sector across its assets like Goibibo.com, TBOGroup, Redbus.in and YourBus.
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