ibibo which acquired Gaadi in 2011 has sold Gaadi to Cardekho.
“The acquisition is basically to help us evolve the pre-owned car market, which is currently only 10% of our revenues. In developed markets like the US, this is more than half the market. If we would have built this on our own, it would have taken us much longer,” Jain said. “Over the next five years, with Gaadi in the fold, we hope to clock Rs 500 crore in revenues with a 50-50 split between used and new car sales,” [Amit Jain, founder & CEO of Cardekho/via]
Cardekho’s parent company Girnar Software had raised $15mn from Sequoia Capital last year. For ibibo group, selling Gaadi helps stay focused on growing portfolio – i.e. travel.
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