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HomeMarket NewsCarTrade Tech confirms talks with Girnar Software for CarDekho and BikeDekho; Stock gains
The news confirms a CNBC-TV18 newsbreak that the deal is in advanced stages and is expected to be structured as a cash-and-stock transaction. While the final contours are still being negotiated, the valuation is likely to exceed CarDekho’s last reported $1.2 billion mark from its 2021 Series E funding round, when the company achieved unicorn status.
CarTrade Technologies Ltd. has confirmed CNBC-TV18's newsbreak of being in talks to acquire CarDekho in an exchange filing on Tuesday, November 11.
The company highlighted that it has been in discussions with Girnar Software regarding a potential consolidation opportunity in the new and used automotive classifieds business of CarDekho and BikeDekho in India.
"These discussions are limited to the automotive classifieds business and does not include financing, insurance, or other non-automotive businesses of the company," CarTrade clarified.
At this stage, the company said that there has been no binding or definitive agreement executed in relation to the transaction referred to in the reports.
CarTrade said that this is part of its ordinary course of business, which continues to evaluate various strategic opportunities, including potential investments and acquisitions as part of its growth strategy.
The news confirms a CNBC-TV18 newsbreak that the deal is in advanced stages and is expected to be structured as a cash-and-stock transaction. While the final contours are still being negotiated, the valuation is likely to exceed CarDekho’s last reported $1.2 billion mark from its 2021 Series E funding round, when the company achieved unicorn status.
Shares of CarTrade Technologies had ended 2.6% higher on Monday at ₹2,970. The stock is marginally lower from its all-time high levels of ₹3,180.
