India, Nov. 10 -- Listed auto marketplace CarTrade is reportedly in advanced stages to acquire rival CarDekho in a deal valued at over $1.2 Bn. The deal is expected to be a cash-and-equity transaction.

As per a CNBC TV report, the due diligence is done, and both sides are negotiating final terms. If the deal closes, it will mark one of the biggest consolidation in India's auto tech sector.

The combined platform would bring together two long-running players in India's online auto marketplace and increase competitive pressure on rivals like CARS24, Spinny and Droom.

Notably, CarDekho entered the unicorn club in October 2021 after raising $250 Mn at a $1.2 Bn valuation. But the company later shut down its used-car retail business in 2023 ...