Times Internet Ltd (TIL) has become the newest investor in Jaipur-based Girnar Software Pvt Ltd, which runs auto portals CarDekho.com, BikeDekho and Gaadi.com besides product discovery engine Pricedekho.com.
This investment is part of the transaction, where TIL sold auto portal Zigwheels to Girnar for an undisclosed amount, Girnar said in a press statement.
Last month, we reported that CarDekho, a Jaipur based startup is acquiring Zigwheels, an auto portal owned by Times Internet.
CarDekho was founded by Amit and Anurag Jain, both IIT-Delhi alumni, after their visit to the Delhi Auto Expo in 2008. The company received its first institutional round by Sequoia Capital in 2013.
Founded in 2008, Gurgaon-based Zigwheels is an online platform that helps buying & selling of cars or bikes. Besides, it also provides information on car loans, insurance and reviews.
Zigwheels claims that the traffic is estimated at 8 million monthly visits while the auto classified major CarDekho registers around 25 million monthly visits along with Gaadi.com.
Earlier this year, CarDekho raised USD 50 million in a fresh financing round led by China’s Hillhouse Capital, Tybourne Capital and its existing investor venture fund Sequoia Capital. Ratan Tata and HDFC Bank, India’s second largest private bank by assets, have also picked up minority stakes in the classifieds major.
The combined entity of CarDekho, Gaadi.com, and Zigwheels would compete with the likes of Cartrade.com and Carwale.com, besides the horizontal online classifieds services like Quikr and Olx. Quikr Cars is one such vertical the Craigslist-like portal has been pushing through mass media advertising as it looks to shore up revenues.