CarDekho Group, which owns and operates a string of auto portals in India, has acquired car classifieds site Carmudi Philippines.
It is the second Southeast Asian country where CarDekho has started operations after its launch of Indonesia operations under OTO.com in 2016
The acquisition of Carmudi is aligned with CarDekho’s business strategy to expand and fortify its footprint across the region. In the Philippines, CarDekho will aggressively focus on building up and digitising the ecosystem and offer solutions to both new and used car buyers.
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“The Philippines’s underlying macro fundamentals make it an extremely promising market. The market demand for new private vehicles in the Philippines has grown at a CAGR of 14 per cent during 2014-2018 with new car sales crossing 380,000 units in 2018. We see this growth as a big opportunity to digitise the Philippines auto ecosystem and engage with consumers throughout their online car buying journey. Our strong ecosystem play has made us a leader in India and Indonesia. And now we are expecting the same for the Philippines,” Umang Kumar, Co-founder and President, CarDekho, said.
“CarDekho’s backing will help us in further strengthening our position in this region. This means added enhancements in technology, processes, and platform resulting in great user experience. Carmudi is already known for quality listings, powerful search, and one-stop convenience but the collaboration with CarDekho will enable us to digitalise and simplify the entire auto ecosystem,” said Cholo Syquia, Country Head, Carmudi Philippines.
Founded in 2008 and headquartered in Jaipur, CarDekho currently operates auto sites such as CarDekho.com, Gaadi.com, ZigWheels.com, BikeDekho.com and PowerDrift.com in India. The group recently launched an insurance portal called InsuranceDekho.com offering services in motor and health insurance, and Gaadi.com is a one-stop destination for selling pre-owned cars.
The group also runs specialised portals like TyreDekho.com and TrucksDekho.com.
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CarDekho also works actively with over 4,000 new auto dealerships and 3,000 used car dealers across India. Also, it works in collaboration with more than ten financial institutions and 18 insurance companies across the country to facilitate used car financing and insurance for both buyers and sellers.
CarDekho has raised funding from marquee investors which include Sequoia India, Hillhouse Capital, CapitalG(formerly known as Google Capital), Tybourne Capital, HDFC Bank, Axis Bank, Times Internet, Ratan Tata, and Trifecta.
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