India, Nov. 27 -- Listed auto classifieds platform CarTrade has decided to not proceed with the proposed acquisition of Girnar Software Private Limited, the parent entity of CarDekho.

"We wish to inform you that the parties have mutually decided not to proceed with the proposed transaction at this stage. Accordingly, the transaction is not being pursued for now," CarTrade said in an exchange filing.

CarTrade did not mention the reason behind not going ahead with the acquisition. Instead, it said that the company will remain focussed on strengthening its existing portfolio of businesses across its platforms, which includes CarWale, BikeWale, OLX India, and Shriram Automall.

"We believe that our current businesses have strong fundamental...