Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Industry News

| More

CarDekho Group forays into Philippines, acquires Carmudi

Posted On: 2019-11-28 17:09:23

In yet another strategic move, Jaipur headquartered CarDekho group, India's leading full-stack auto-tech company, which owns and operates India's largest auto sites CarDekho.com, Gaadi.com, ZigWheels.com, Powerdrift.com, BikeDekho.com and OTO.com in Indonesia has expanded its global footprint by acquiring Carmudi, an online car classifieds site in the Philippines. Launched in 2013, Carmudi is the leading new auto player in the Philippines.

Philippines is the 2nd Southeast Asian country where CarDekho Group has started its operations. In 2016 CarDekho green-fielded its Indonesia operations under the brand name OTO.com, which has since become the number one new auto portal in the country. The acquisition is aligned with CarDekho's business strategy to expand and fortify its footprint across Southeast Asia. Carmudi has a commanding presence in Philippines, with a robust recall value and sturdy lead generation. With Carmudi and CarDekho coming together and working towards digitalizing the entire auto ecosystem, Philippine's automotive industry is expected to witness its next disruption.

CarDekho has been a disruptor in the Indian automotive space. The company's unique ecosystem engages with consumers throughout their car-buying journey with its different transaction models at one platform. In Philippines too, CarDekho will aggressively focus on building up and digitizing the ecosystem and offer end to end solutions to both new and used car buyers.

Leading CarDekho Group's global expansion, Mr Umang Kumar, Co-Founder and President, CarDekho group said, "We are excited to expand our international footprint and invest in the new region. Philippines underlying macro fundamentals make it an extremely promising market. The market demand for new PVs in Philippines has grown at a CAGR of 14 % during 2014-2018 with new car sales crossing 3,80,000 units in 2018. We see this growth as a big opportunity to digitize 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 Philippines."

"CarDekho, a leading full-stack auto tech company backing us 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 digitalize and simplify the entire auto ecosystem." said Cholo Syquia, country head, Carmudi Philippines.

All car and motorcycle manufacturers in India engage with CarDekho, accounting for 15-30% of some of its partner manufacturers' annual sales. CarDekho also works actively with over 4,000 new auto dealerships and 3,000 used car dealers across India, influencing more than 42% of the retail sales happening through their counters. In addition, it works in collaboration with more than 10 financial institutions and 18 insurance companies across the country to facilitate used car financing and insurance to provide a seamless experience for both buyers and sellers. The company recently announced its H1 results for FY 19-20. The overall revenue of the company achieved a YOY growth of 92% over the first half of the last fiscal year and stood at $28 million. Despite the slowdown in new auto sales across the country, the company's New Auto business segment posted a significant growth of 30%. Its Insurance and Warranty business grew by 525%, Used Cars business by 120% and Financial Services business by 135% respectively.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

TrustLine Announces Successful Closing of Intrinsic Deep Alpha AIF - Category III Offering

Bharti AXA General Insurance Receives IRDAI Nod for Health and Motor Insurance Proposals under Sandbox Project

Ather Energy invites dealers to set up experience centers across India

Restriction on import of refined palm oil will safeguard the margins of domestic palm oil refiners while also improving their capacity utilisation: ICRA

Cognizant Named a Leader in SAP Services by Independent Research Firm

CarDekho becomes first auto fintech platform to process 100 cr of monthly used car loans

Super Surfaces raises half a million USD as Angel Funding

KARVY Group initiates corporate restructuring

ICRA Analysis: Hospital sector performance on the growth path after two years of subdued performance

ICRA maintains stable year-end outlook for Construction sector

ZestMoney's 0% EMI Launched on Myntra

Ministry of Railways revises tariff of standard meals on static units

ClearTax launches feature of Nil GST Return Filing for CAs and Businesses

Almost 70% of BankBazaar Consumers have a Healthy Credit Score

MSE Financial Services Ltd has commenced online trading

JNPT bags 'Public Port of the Year (container)' at the Samudra Manthan Awards

TAFE Chairman Mallika Srinivasan appointed to the Global Board of U.S.-India Business Council

Mastercard Picks BharatPe for its Start Path Program

Adani Foundation celebrates skilling 50,000 youth

Vikram Solar Brings Solar Energy to 3 More Airports in India

Times OOH helps Godrej Interio set up Experience Zone at Mumbai Airport

Vikram Solar wins CII Award for Customer Obsession Three Years in A Row

Windrose Capital leads the $600K investment round in Nivesh.com

CarDekho closes $70 million round from leading investors in China and Europe

Bosch Power Tools inaugurates Bosch Service Center in Mumbai, India

Dun and Bradstreet launches first-of-its-kind cloud database repository on Indian businesses

GoAir attracts global delegates at Global Exhibition on Services 2019

Sluggish demand tempered cement prices; demand growth likely around 4% in FY2020: ICRA

ICAI signs MoU with Kuwait Accountants and Auditors Association (KAAA)

PAYBACK India Strengthens Travel Portfolio by Partnership with Online Travel giant Cleartrip

FlexiLoans.com emerges among the top 100 global FinTech innovators' list by KPMG and H2 Ventures

Over half the delayed housing projects in India's 9 residential markets are in MMR: PropTiger report

Cognizant Named an AI Consultancy Leader in Asia Pacific by Independent Research Firm

SIDBI plans to set up Swavalamban Connect Kendras to promote the spirit of entrepreneurship

Virgin Atlantic relaunches daily direct flights from Mumbai to London

MX Player raises $110 million from Tencent and Times Internet

OPPO to Launch Qualcomm-Powered Dual-Mode 5G Smartphone by End of 2019

Indians Accumulating Gold The Smart Way This Dhanteras With ETMONEY GoldDeposit

Mr. Ratan N Tata felicitated with the Chiratae Ventures Patrick J. McGovern Lifetime Achievement Award 2019

SIDBI acknowledges outstanding performers in the Micro and Small Enterprises sector with SIDBI India MSE Awards

Saraswat Co-operative Bank launches 'Saraswat Bank 100+ Smart Savings Account App'

Afghanistan Trade Event Drives Over $55 million in New Business

InstantPay granted Corporate Agency license by IRDA

ICAI and ICAEW renew qualification reciprocity agreement

Implementation of Uniform Banking Hours in all Public Sector Banks (PSBs) on PAN India

No more 'Single Use Plastic', says Usha International

Chennai Machine Tool Expo 2019 Brings Technologies to the Doorsteps of Tamil Nadu

Affordable homes account for over 48% unsold units in MMR: PropTiger report

PaisaWapas announces special cashback for Amazon and Flipkart festive sale

Mitsubishi Electric India pledges for a greener tomorrow in Nagpur







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019