Delhi-based car retailing portal CarDekho is planning to expand operations in the Asia-Pacific region and mulling acquisition of other similar portals in the region to consolidate its position in the markets.
CarDekho is looking at countries like Indonesia, Malaysia, Philippines and Thailand and launched a separate website called CarBay three months ago. The online vehicle selling portal has already put together a 100 member team for products and technology development. It will be expanded to cater to the international business.
“We have already invested $20 million for expansion plans in the Asia-Pacific region. We are evaluating all online portals and focussing on international acquisitions to consolidate our position in the market. We are yet to start negotiations with anyone,” said Amit Jain, CEO and co-founder of Girnarsoft, which owns CarDekho.
Besides expanding international operations, CarDekho’s consolidation in the Indian market continues with the acquisition of Zig Wheels which was earlier owned by Times Internet. Last year Cardekho acquired Gaadi.com.
According to Amit Jain, Zig Wheels has good content and the traffic on the website is decent. With the kind of dealer connection that CarDekho has it will help customers to get comprehensive information and be profitable as well.
CarDekho generates around 28 million visits a month and is valued at $320 million at present. According to Jain, Car Dekho is the largest online vehicle selling platform in the country going by the number of visits it registers every month.
It is funded by Sequoia capital, Hillhouse Capital and Tyborne Capital. In the last round of fundraising the company got $50 million from Hillhouse and Tyborne Capital. It has 3,800 used car dealers and 1,700 new car dealers listed on it.