New Delhi, April 23 -- SoftBank-backed used-car marketplace CARS24 announced on Wednesday its acquisition of Team-BHP, a prominent online community dedicated to automobiles.
CARS24, which was valued at around $3.3 billion (Rs 28,100 crore) in 2021 when it raised $300 million in equity in a Series G round, said the acquisition will help bolster Team-BHP's product development, technology stack, and AI capabilities.
Founded in 2004 by Mumbai-based auto enthusiast Rush Parekh, Team-BHP has built a reputation for fostering community-driven discourse around cars and bikes. Known for its unbiased reviews, detailed ownership experiences, and in-depth insights, the platform maintains a strict no-commercial-influence policy.
CARS24's rival CarDekho similarly owns ZigWheels, a platform offering comprehensive automotive news, reviews, specifications, pricing, and buying guides.
Although financial terms of the deal were not disclosed, CARS24 emphasized that Team-BHP will continue to operate independently, managed by its founding team. The forum will retain its zero-sponsored-content policy, stringent moderation, and community-first ethos.
"Team-BHP is not just a forum, it's an institution," said Vikram Chopra, founder and CEO of CARS24. "As a brand that is equally obsessed with solving real problems for car and bike owners, we see this as a long-term investment in empowering India's auto ecosystem with sharper conversations, richer insights and deeper trust."
As part of the partnership, CARS24 will support Team-BHP in enhancing platform features, improving user experience, and integrating new tools to help members make smarter automotive decisions.
"Team-BHP has always been built on one thing-an uncompromising love for cars, and the honesty that love demands," said Parekh, founder of Team-BHP, which last year garnered 210 million page views and attracted 4.4 crore visitors. "With CARS24 backing us, and their technology and data layered into our platform, we can now build with more scale, more depth, and more intent. This is about giving enthusiasts and owners sharper tools and deeper insights, without ever losing the independence, transparency, and integrity that brought us all here in the first place," he added.
In FY24, CARS24 reported a 25% increase in operating revenue, reaching Rs 6,917 crore, though its net loss widened to Rs 498 crore from Rs 468 crore in FY23, as per VCCEdge, the data research platform of VCCircle.
Published by HT Digital Content Services with permission from VC Circle.