Autotech firm CarTrade has announced the launch of CarTrade Ventures with the aim to invest up to Rs 750 crore in the next five to seven years. The company plans to infuse the funds into areas including auto finance, leasing, insurance, servicing, car ownership, electric vehicles, clean energy, and new-age technologies.
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The company said that the investment would come from the profits generated and funds available and would also use to make acquisition deals. Additionally, It will also offer unique value to companies through synergies with group companies and access to customers and technology, thereby helping these companies scale rapidly.
CarTrade is an online car marketplace that allows users to buy new and old vehicles.
Vinay Sanghi, Founder and Chairman, CarTrade Tech Group, added, “We have launched CarTrade Ventures to invest in new age technologies and to digitalise the buying, selling, and ownership of vehicles, and be a key enabler in the growth of the auto ecosystem. To facilitate this, we are looking to deploy up to Rs 750 crore for acquiring and investing in companies that are driving innovation in the global auto ecosystem, so that we can offer the consumer a great online auto shopping and ownership experience. We have been very successful in growing our business organically and inorganically and are very excited about partnering with entrepreneurs who share the same vision and passion.”
Source @Indianstartupnews
