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CarTrade plans to go public, says Report.

CarTrade

Founded by Vinay Sanghi in 2010, CarTrade is a company that is operational via an online auto classifieds platform that assists customers in buying old or new cars.

According to a report, CarTrade is supposedly planning to file the draft red herring prospectus (DRHP) with the Securities Exchange Board of India (SEBI) within a fortnight to go public.

One of the person having knowledge about the matter said- “They are ready to file the DRHP. Final touches are being put on the document. It should happen in the next 10-15 days. This will be the first online auto classifieds company to go public in India,”

The company is currently preparing for an initial public offering (IPO) in the coming weeks. The automobile industry based company is apparently looking to grab around ₹ 2000 crore with its IPO. Investment banks like Citi Bank, Nomura, Axis Capital and Kotak Mahindra Capital are advising the company with the matter of its IPO.

The company is funded by investors like the American private equity company- Warburg Pincus, Singapore’s state investor- Temasek Holdings, JP Morgan and March Capital Partners. CarTrade is also a parent company to Carwale.com and Bikewale.com for buying and selling two-wheeler vehicles.

The company also runs Adroit, which provides supplementary services related to automobiles. These services include inspection of the automobile, its valuation, and certification, and many other services.

Just three years back in January 2018, CarTrade also bought off Shriram Automall India Ltd. The company deals in pre-owned commercial vehicles which includes not just cars and bikes and scooters, but also construction and industrial equipment and tractors and agricultural equipment.

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