India, April 23 -- IPO-bound used car marketplace CARS24 has acquired homegrown automotive forum Team-BHP.

With this investment, CARS24 will strengthen Team-BHP's product, tech stack and AI capabilities, the latter said in a blog post. However, it didn't disclose the financial details of the deal or the amount of stake acquired.

Team-BHP added that it will continue to be operated independently by its founding team.

"We're excited to learn, contribute and quietly power the next chapter of this remarkable automotive community. Because the future of car ownership in India deserves spaces that are as honest as the people driving it," said CARS24 founder and CEO Vikram Chopra.

Founded in 2004 by a group of car enthusiasts to form a communi...