New Delhi, Nov. 11 -- CarTrade Tech Ltd is in discussions with Girnar Software Pvt. Ltd, the parent company of online used and new car marketplace CarDekho and online bike marketplace BikeDekho, for a potential consolidation in India's automotive classifieds space, the publicly listed company said in a stock exchange filing.
In an exchange filing on Tuesday, CarTrade said the discussions are limited to the automotive classifieds businesses of CarDekho and BikeDekho and exclude Girnar's other verticals, such as financing and insurance.
The company noted that these talks are preliminary, with no binding or definitive agreement signed so far.
CarTrade added that it regularly evaluates strategic opportunities, including investments and acquisitions, as part of its growth strategy. The company said it would make necessary disclosures should the discussions progress into a binding deal.
The clarification followed media reports suggesting that CarTrade is close to finalising a $1.2 billion (around Rs 10,643 crore) acquisition of CarDekho and BikeDekho's classifieds business. The deal, if confirmed, would mark one of the largest consolidations in India's auto-tech space and could bring under one roof CarTrade's B2B and auction platforms with CarDekho's consumer reach.
CarTrade, listed on both the BSE and NSE, has seen consistent financial improvement over the past year. In the September quarter (Q2 FY26), the company's consolidated revenue rose 29% year-on-year to Rs 222 crore, while net profit nearly doubled to Rs 64 crore, supported by strong demand in vehicle remarketing and online listings. Its platforms now attract over 85 million monthly unique users, according to company data.
CarDekho, meanwhile, was last valued at $1.2 billion after its 2021 funding round, which made it one of India's few auto-tech unicorns. Operated by Girnar Software, the firm has since expanded into adjacent businesses such as vehicle finance and insurance.
The two firms compete against firms such as Cars24, Spinny, and Droom.
Prior to this, CarTrade Tech acquired OLX India's auto and classified business in August 2023. The deal involved 100% acquisition of Sobek Auto India, the entity running OLX's classified & auto-sales verticals, for about Rs 535.5 crore. Following the acquisition, CarTrade said its combined audience, including the group plus OLX, would reach roughly 68 million unique monthly users and handle some 32 million annual listings. In a conversation with VCCircle, CarTrade's CEO Vinay Sanghi had shared the company's plans to grow into one of the largest shopping platforms that includes non-auto listings.
Published by HT Digital Content Services with permission from VC Circle.