CarTrade Tech Ltd, an online auto classifieds platform, has filed a draught red herring prospectus with the Securities Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO).
Mint was the first to report in May 2021 that it intends to raise 2,000 crore through an IPO.
CarTrade, which helps users find both used and new cars, is backed by Warburg Pincus, Singapore’s state investor Temasek, JPMorgan, and March Capital Partners.
The IPO consists of a pure offer for sale of up to 5.38 million shares by Highdell Investment, up to 3.57 million shares by Macrithie Investments Pte, up to 1.12 million shares by Springfield Venture International, and up to 1.83 million shares by Bina Vinod Sanghi.
CMDB II currently owns 11.93 percent of the company, while Highdell Investment, MacRitche Investment Pte, and Springfield Venture International own 34.44 percent, 26.48 percent, and 7.09 percent, respectively.

The issue’s book running lead managers are Axis Capital, Citigroup Global Markets India, Kotak Mahindra Capital, Nomura Financial Advisory and Securities India.
Cartrade Fiscal Revenue
The company reported revenue of 298.28 crore for fiscal year 2020, up from 243.28 crore the previous year. The net profit for the period was 7.62 crore, compared to 9.51 crore the previous year.
When compared to their key competitors, the company claims that its platforms, CarWale and BikeWale, ranked first in terms of relative online search popularity. Its platforms are known by various names, including CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto, and AutoBiz.
For the December 2020 quarter, its consumer platforms—CarWale, CarTrade, and BikeWale—had a monthly average of 29.96 million unique visitors, with 87 percent being organic visitors.
In January 2018, CarTrade acquired a 51 percent stake in Shriram Automall for approximately Rs.157 crore. In order to consolidate the online auto classifieds industry, it acquired rival CarWale in 2015.