Cars24 acquires vehicle information platform CarInfo
According to a report by Medianama, citing a regulatory filing, the deal is being valued at about Rs 118 crore. Cars24’s board has approved a proposal to issue 92,292 compulsorily convertible debentures with a face value of Rs 10 and a premium of Rs 12,775.45 per share.
CarInfo was founded in 2019 by Sahil Armani and has been bootstrapped since inception. The CarInfo app aims to simplify car and bike ownership by making critical vehicle information easily accessible. At the time of acquisition, the app was used by 12 million users.
In a post on X, Cars24 Co-founder Vikram Chopra said, “Carinfo has become the go-to platform for more than 12 million users every month to solve their vehicle needs. This is not the story of an overnight success but a team who has played the long game. Ask people around and they would say ‘yes I have used Carinfo for managing my car/bike’.”
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Chopra noted that CarInfo will continue to operate as a standalone app with its own team.
The deal aligns with Cars24’s recent moves to enter new segments to enrich customers’ car ownership experience. Last year, the firm launched a credit platform LOANS24 to help facilitate vehicle financing. It also acquired automotive content platform Team-BHP.
The CarInfo acquisition comes amid a slew of acquisitions in the auto-tech segment. According to reports, used cars platform Spinny is looking to expand its services and is set to acquire car services firm GoMechanic in a Rs 450-crore deal. Last year, auto platform CarTrade had informed the stock exchanges that it was mulling the acquisition of automotive platform CarDekho, but it later said that the parties had mutually decided not to proceed with the deal.
Cars24, CarDekho and Spinny are also eyeing to list on the public bourses in the near future, according to reports.
Edited by Swetha Kannan
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