CarTrade Tech has announced that it will not proceed with the proposed consolidation with Girnar Software, the parent company of CarDekho and BikeDekho.
In a regulatory filing on Thursday, November 27, the company said both parties have mutually decided not to proceed with the discussions at this stage.
Earlier on November 11, the company had informed the exchanges that it was in preliminary discussions with Girnar Software regarding the same.
CarTrade Tech to strengthen core platforms
CarTrade Tech emphasised that it remains focused on strengthening its current portfolio, which includes CarWale, BikeWale, OLX India and Shriram Automall. The company highlighted that these platforms operate in a large and expanding market, backed by strong fundamentals and ample growth headroom. “We believe that our current businesses have strong fundamentals, operate in large and expanding Total Addressable Market (TAM), and provide significant headroom for growth,” it said in the release.
The automotive marketplace firm said it will continue to execute its strategic roadmap, drive product and technology innovation, and create value across its ecosystem. CarTrade added it remains open to evaluating strategic opportunities as part of its normal business course, and will disclose any material developments in line with SEBI regulations.
Share price of Cartrade Tech
The share price of Cartrade Tech declined in Thursday’s trade after the announcement. On YTD basis, the stock has gained 105.15% so far this year.