The automobile segment in India remains one of the hottest sectors and recent festive season witnessed an overall increase of 46% in sales (that too when the automobile companies didn’t offer significant discounts).
Carwale, which earlier raised seed funding from Seedfund and Series A from Sierra Ventures has sold 70% stake in the company to India Today group and Axel Springer, Germany based media company.
Indian Today group and Axel Springer AG already have a partnership – Autobild.in, which stands independent of this deal (Axel Springer will pick up 52.1% stake and the India Today Group has grabbed 18.3% holding in the company).
Carwale started in 2005 as a used car listing portal and expanded into several other services gradually. Mohit Dubey, founder of Carwale shares the company journey
- 2006, we were the first to launch our now-famous Used Car Price Guide.
- 2007 saw us launch two of the most used features on our website – Recommend Me A Car and On-Road Prices for new cars.
- In 2008, we introduced India to its very own consumer choice car awards – the first of its kind where genuine car buyers and users, and not a jury, voted for their favourite cars.
- In 2009, we were honoured to be the only third-party website to accept bookings for the ground-breaking Tata Nano.
Post acquisition, both Seedfund and Sierra Ventures (plus Silicon Valley Bank) have offloaded their stake in the company.