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Online auto classified platform <keyword id="1980082" type="PERSON" weightage="20" keywordseo="Cartrade">CarTrade</keyword> Tech on Friday said it has raised Rs 900 crore from anchor investors ahead of its initial public offering, which opens on Monday. The company has decided to allocate 55,59,664 equity shares to anchor investors at Rs 1,618 apiece, valuing the transaction size to Rs 899.55 crore, according to a circular uploaded on the BSE website.<br /><br />Nomura, HSBC Global, Goldman Sachs, Jupiter India Fund, Elara India Opportunities Fund, Aditya Birla Sun Life Insurance Company, Bajaj Allianz Life Insurance Company, Bharti Axa Life Insurance Company, Axis Mutual Fund (MF), HDFC MF, Kotak MF and Sundaram MF are among the anchor investors.<br /><br />The initial share-sale will be entirely an offer for sale (<keyword id="883402" type="ORGANIZATION" weightage="20" keywordseo="OFS">OFS</keyword>) of 18,532,216 equity shares.<br /><br />Among the investors participating in the OFS are -- CMDB II (22.64 lakh equity shares), Highdell Investment Ltd (84.09 lakh shares), Macritchie Investments Pte Ltd (50.76 lakh shares), and <keyword id="11723135" type="UNKNOWN" weightage="20" keywordseo="springfield-venture-international">Springfield Venture International</keyword> (17.65 lakh shares).<br /><br />Currently, CMDB II holds 11.93 per cent stake in CarTrade, Highdell Investment owns 34.44 per cent stake, MacRitche Investment has 26.48 per cent shareholding, and Springfield Venture International holds 7.09 per cent stake in the company.<br /><br />The public issue, with a price band of Rs 1,585-1,618 a share, will open for subscription on August 9 and conclude on August 11.<br /><br />At the upper end of the price band, the <keyword id="6354763" type="UNKNOWN" weightage="20" keywordseo="ipo">IPO</keyword> is expected to mobilise Rs 2,998.51 crore.<br /><br />Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.<br /><br />Founded in 2009, CarTrade is backed by marquee investors -- <keyword id="6402698" type="UNKNOWN" weightage="20" keywordseo="warburg-pincus">Warburg Pincus</keyword>, Temasek, JPMorgan and March Capital.<br /><br />The CarTrade platform allows customers to buy and sell used cars as well as new cars.<br /><br />The firm is a multi-channel auto platform with coverage and presence across vehicle types and value-added services through its brands -- CarWale, CarTrade, <keyword id="209119" type="COMPANY" weightage="20" keywordseo="Shriram-Automall">Shriram Automall</keyword>, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz.<br /><br />The company's consumer platforms i.e. CarWale, CarTrade and BikeWale, collectively get 3.2 crore average unique visitors every month (during the three-month period ending March 31, 2021), and Shriram Automall and other auction platforms had 8,14,316 vehicles listed for auction during FY21.<br /><br />The company generates revenues from commission and fees from auctions and re-marketing services, online advertising solutions, lead generation, technology-based services to OEMs, dealers, banks and other financial institutions, and inspection and valuation services.<br /><br />Axis Capital, Citigroup Global Markets India, Kotak Mahindra Capital Company and <keyword id="6600258" type="UNKNOWN" weightage="20" keywordseo="Nomura-Financial-Advisory">Nomura Financial Advisory</keyword> and Securities (India) Private Limited are the investment bankers to the issue.<br /><br /><br /><br /><br /><br /><br /><br /><strong>SEE ALSO <br /><a href="https://www.businessinsider.in/stock-market/news/krsnaa-diagnostics-ipo-open-today-check-out-how-to-apply/articleshow/85017014.cms">Krsnaa Diagnostics IPO opens—here is all you need to know</a><br /></strong><a href="https://www.businessinsider.in/business/startups/news/these-are-some-of-the-highest-paid-founders-of-indian-startups-tapping-capital-markets-this-year/slidelist/85005261.cms"><strong>These are some of the highest paid founders of Indian startups tapping capital markets this year</strong></a>

CarTrade raises ₹900 crore from anchor investors ahead of its IPO, issue opens on Monday

New Delhi, Feb 17 () Pre-owned vehicle exchange platform Shriram Automall India Ltd (SAMIL) on Monday said it has acquired BlueJack, an online car selling portal.<p> The company did not disclose the financial details of the deal.</p><p> With this acquisition, Shriram Automall targets to transact yearly over 1.2 million vehicles worth more than Rs 30,000 crore. At present 70 lakh used cars are sold in India every year and the market is expected to be valued at Rs 50,000 crore in 2022, the company said in a statement.</p><p> Commenting on the acquisition, Shriram Automall CEO Sameer Malhotra said, "Together, we believe we can offer the best auction experience for our Indian market with innovative technology."</p><p> The deal will give over 10 million customers of SAMIL, on its physical and online bidding platforms, and its affiliates additional means of selling car, the company said.</p><p> Started in 2016, BlueJack had auctioned more than 25,000 vehicles on its platform. It operates in Delhi with dealers from 10 states.</p><p> Manish Kheterpal, Managing Partner of WaterBridge Ventures -- which is a lead investor in BlueJack -- said as the fragmented used car industry formalises both on the consumer and dealers end, using a blend of technology, data, and old-fashioned human touch is the most effective way to solve trust deficit and friction in the industry.</p><p> "Synergies between SAMIL and BlueJack are highly compelling, and together they would be a formidable force in this rapidly growing used cars industry," he added.</p> BlueJack is expected to fully integrate with SAMIL's operations and group companies in first half of 2020.   RKL SHWSHW

Shriram Automall acquires online car selling portal BlueJack

<ul><li><keyword id="4306161" type="General" weightage="20" keywordseo="cars24" source="Orion">Cars24</keyword> has raised a funding of $450 million from marquee investors of the startup ecosystem.</li><li>It is reportedly valued at $1.75 billion, followed by Droom with a $1.2 billion valuation.</li><li><keyword id="1980082" type="General" weightage="20" keywordseo="cartrade" source="Orion">CarTrade</keyword>, despite being profitable, has not been able to cross the billion dollar mark.</li></ul>Gurugram-based used cars marketplace Cars24 became a unicorn last year and raised some more money now despite piling up losses. Meanwhile, its competitor CarTrade Technologies, which is profitable and listed on the stock exchanges since August, continues to be valued at less than half the estimated valuation of Cars24. <br /><br />                  <div type="image" title="Loss-making Cars24 is worth more than a profitable CarTrade ⁠— here’s why" msid="86158018" hostid="261"></div><br />Analysts say this could have to do with who’s investing in both companies and the latter’s international presence. Nearly three weeks after its listing, CarTrade remains an underperformer even in the stock market whereas, last week, Cars24 raised more funding and raised its valuation to somewhere between $1.72 billion to $1.75 billion. <br /><br />On September 10, <a href="https://entrackr.com/2021/09/exclusive-cars24-raises-259-mn-at-around-1-75-bn-valuation/" data-type="tilCustomLink">eight marquee </a>investors of the startup ecosystem pumped in $258.6 million into Cars24, which had turned into a unicorn last year in November, after raising<a href="https://www.businessinsider.in/business/startups/news/cars24-is-indias-latest-unicorn-as-it-raises-200-million-from-dst-global-and-existing-investors/articleshow/79388631.cms"> $200 million</a> in a round led by DST Global. A unicorn, in startup purlance, is a company valued over a billion dollars. Cars24 was the first startup to cross the threshold in this segment of its operation.<br /><br />Later it was reported that the <a href="https://www.cars24.com/blog/cars24-raisesi-450-million-nearly-doubles-its-valuation-to-1-84-billion/" data-type="tilCustomLink">round aggregated up to $450 million</a>, of which $340 milion was equity investment while $110 million was raised in debt. The company was valued at 1.84 billion post this round.  <br /><br />It is followed by Droom, which was recently<a href="https://www.businessinsider.in/business/startups/news/droom-automobile-marketplace-raises-200-million-in-a-pre-ipo-round-at-unicorn-valuation/articleshow/84818567.cms"> valued</a> at $1.2 billion. Meanwhile, CarDekho is in advanced stages of talks to close a funding round with over $1 billion valuation.<br /><br />These were the investors who bet big bucks in Car24’s latest round.<br /><br />Kunal Khatter, managing partner at mobility-focused investment firm AdvantEdge, told Business Insider that private investors and retail investors value companies with different yardsticks.<br /><br />“Analysts in the public market are far more stringent on how they value and give recommendations for buy or sell, because they are answerable to the public.. On the private side, valuation is an outcome of what an incoming institutional investor thinks the company is going to be worth…” Khatter added.<br /><br />Ankur Bansal, co-founder of investment firm BlackSoil noted that the difference in revenue and scale of the companies has also resulted in the difference of valuations. However, valuations of public listed companies are considered as a benchmark because each analyst or firm can have different methods to value a business.<br /><br />Point of difference between CarTrade and Cars24 (Cars24 Services Private Limited).<br /><table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Metrics<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CarTrade<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cars24 <br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue (in FY20)<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹318.4 crore<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,059 crore <br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Profit after tax/(Loss) (FY20)<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹31.2 crore <br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">(₹277.18 crore)<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cities<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">300<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">150<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Countries<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">India<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">India, Australia, UAE<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br />Founded by Vikram Chopra, Gajendra Jangid, Ruchit Agarwal and Mehul Agrawal, Cars24 allows customers to sell their old cars through their omnichannel network. A consumer can simply book an appointment with any of the Cars24 branches, visit the branch and sell a car in a single visit. The company has recently expanded to Australia and UAE.<br /><br />AdvantEdge’ Khatter also noted that these two businesses, Cars24 and CarTrade, may look similar on the outside but are in fact very different at their core which has led to difference in the valuation.<br /><br />CarTrade also owns other platforms like CarTrade, Carwale, CarTradeExchange, Shriram Automall, Adroit Auto, Auto Biz, and BikeWale. Majority of CarTrade’s valuation comes from its three assets: Carwale, commercial trucks platform Shriram Automall and inspection business Adroit Auto, Khatter added.<br /><br />The whole reason why CarTrade is profitable is because of Carwale, but again it's a classification that allows you to compare prices. The other two businesses are profitable too, but don’t generate a lot of revenue, Khatter said. “They are market leaders in all these spaces, but the problem with market leaders is that there is not much room to grow,” he said.<br /><br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Segment<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CarTrade<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cars24<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">New automobile sales<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Used car sales<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Commercial vehicles, farm and construction equipment<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Online auction platform<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vehicles financing <br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Car inspection<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br />Cars24 has also positioned itself as US-based Carvana, an online dealer of pre-owned cars, which has a market cap of $27.7 billion. “This is why foreign investors are more comfortable giving that sort of premium to Cars24,” Khatter added. On the other hand, CarTrade doesn’t have any international presence. <br /><br />“The original CarTrade was a business-to-business car auction platform, which banks used to liquidate assets. That’s not a real value generator because the margin is very low. They are the market leaders in that, yes, but it's a very limited tank,” he added.<br /><br />ALSO WATCH: Droom founder Sandeep Aggarwal's interaction with Business Insider, where he talks about the company's surging valuation, upcoming IPO and expansion plans. <br /><br />          <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[ ]]></cdata></div><br /><i>Update: Cars24 on September 20 announced that it raised $450 million, at a valuation of $1.85 billion. </i><br /><br /><strong>SEE ALSO</strong><br /><a href="https://www.businessinsider.in/stock-market/news/reliance-infra-reliance-industries-zomato-and-other-top-stocks-to-watch-out-for-on-september-13/slidelist/86156619.cms">Reliance Infra, Reliance Industries, Zomato and other top stocks to watch out for on September 13</a><br /><a href="https://www.businessinsider.in/international/news/the-first-transgender-person-elected-bishop-in-a-major-christian-church-wants-to-inspire-hope-and-expand-peoples-minds-about-trans-people/articleshow/83528986.cms">The first transgender bishop in a major Christian church wants to inspire hope and expand people's minds about trans people</a><br /><a href="https://www.businessinsider.in/entertainment/news/superhero-movies-have-a-deep-connection-to-9/11-and-it-shows-how-nyc-and-disney-capitalized-on-our-collective-grief/articleshow/86116230.cms">Superhero movies have a deep connection to 9/11, and it shows how NYC and Disney capitalized on our collective grief</a><br />

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CarTrade raises ₹900 crore from anchor investors ahead of its IPO, issue opens on Monday

PTI

Shriram Automall acquires online car selling portal BlueJack

PTI

Loss-making Cars24 is worth more than a profitable CarTrade ⁠— here’s why

Kritti Bhalla

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