GirnarSoft-owned e-commerce platforms CarDekho.com and Gaadi.com have both marked their foray into online retail auction by acq-hiring Carbiqi, a Delhi-based car marketplace.
This revelation comes a month after Girnar garnered $110 Mn Series C funding from Axis Bank, CapitalG, Hillhouse Capital, Sequoia India in a bid to expand its car marketplaces.
Deeming it as mere strategy and more of a talent hunt, the company opted to remain mum about the exact amount it spent to acquihire Carbiqi.
Adopting an auction model for selling second-hand cars, Carbiqi was launched about two years ago. Gaadi.com, on the other hand, was acquired by CarDekho back in September 2014 from Ibibo Group.
It is also worth noting that CarDekho was established in 2007 and Ibibo had acquired Gaadi.com in 2011.
Akansh Siha and Anubhav Deep, the cofounders of Carbiqi will now be spearheading Gaadi.com’s sales and operations verticals as cofounders.
About forty of its members have already been appointed in various departments such as retail, sales, tech, and operations.
As part of its repositioning, Gaadi.com will now evolve to a more consumer car-selling brand. Gaadi.com CEO Vibhor Sahare, Anubhav, and Akansh will be the co-founders of the radically overhauled Gaadi.com.
Interested sellers can head straight to Gaadi and CarDekho’s website, and provide the basic information about their cars.
An overall inspection is then carried on before the car marketplaces list the cars on their platforms so that buyers can place their bids. However, it isn’t imperative for users to always visit online to sell cars.
With 10 car showrooms already available across the Delhi-NCR region, the brand is gearing up to add forty more showrooms by the end of FY (Financial Year) 2018-19. Post-deal, Gaadi will be taking care of the necessary transaction and paperwork.
CarDekho boasts a network of over a whopping 5,000 car dealers across India. The brand sells nearly 12,000 cars and 25,000 two-wheelers every month. Its online marketplace has had about 73 million visitors until last month.
Citing CarDekho co-founder Amit Jain, the statement noted, “we are happy to foray into the auction model under the same brand.
We look forward to establishing an unparalleled and trusted consumer experience in the used cars retail segment with Carbiqi’s support.”
CarDekho goes toe-to-toe with Droom, Cartisan, Bumper PitStop etc. In FY18, the company collected revenue of 160 Crore INR, which converts roughly to about $22.4 million.