CarTrade Tech gets SEBI nod for Rs. 2000 Crore IPO | CarTrade IPO Update 2021

CarTrade IPO Update 2021 : CarTrade Tech has received clearance from Securities and Exchange Board of India (SEBI) to float Rs 2,000 crore via the initial public offering (IPO) on July 26, 2020.

CarTrade IPO is fully an Offer for sale of 12,354,811 equity shares by Investors and promoters. Through this CarTrade Initial Public Offering, CarTrade Tech is not going to receive any fund as stated by the company.

CarTrade IPO Update 2021
CarTrade IPO Update 2021

CarTrade IPO contains below shares for sale

  • Fresh Issuance – N/A
  • Offer for sale (Promotor’s) – Shares worth Rs. 2000 crore (12,354,811 equity shares)

About Company CarTrade Tech

CarTrade Tech is a multi-channel auto platform with coverage and presence across vehicle types and value-added services. CarTrade Tech operate under several brands: CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto and AutoBiz. Through these platforms, they enable new and used automobile customers, vehicle dealerships, vehicle OEMs and other businesses to buy and sell their vehicles in a simple and efficient manner. Their vision is to create an automotive digital ecosystem which connects automobile customers, OEMs, dealers, banks, insurance companies and other stakeholders.

CarTrade Tech’s fundraising, acquisitions, Growth

CarTrade Tech has secured $307.4 million in investment over the course of eight rounds. Their most recent round of investment was a Venture – Series on April 12, 2021. CarTrade Tech is backed by a group of nine investors. The most latest participants are IIFL and Malabar Investment Advisors. On November 11, 2015, CarTrade acquired CarWale with $90 million.

Company has seen considerable expansion in business and the total income increased at a CAGR of 45.94 percent between FY18 and FY20.

CarTrade Tech is most profitable amongst its peers, the CarTrade Tech saw its online and offline listings across platforms see a steady increase from 7.09 lakh in FY19 to 8.14 lakh in FY21. The company is profitable since FY19.