Large investors sell up to 5% stake in CarTrade for Rs 200 crore
institutional sellers have sold up to a 5% stake in CarTrade Tech, a multi-channel auto platform company, on Friday for a consideration of around Rs 200 crore ($24 million) through a block deal, according to a source familiar with the matter. ET has learned that some of the institutional investors had placed around 2.2-2.3 million shares of the company on the block.
Axis Securities was the banker to the trade. An email sent to the company and Axis Securities remains unanswered as of press time.
The company does not have any promoter holding, and a significant portion of the shareholding is held by institutional shareholders. Mutual funds (MF) and foreign portfolio investors (FPI) held 4.21% and 23% stake in the company respectively at the end of March 2024, while 45.87% is attributed to foreign direct investment (FDI), according to BSE filings. Singapore sovereign funds Temasek, through Macritchie Investments Pte, and Warbug Pincus, via Highdell Investment, hold the largest stakes in the company at 16.31% and 17.36% respectively.
Headquartered in Mumbai, CarTrade provides a technology platform for buying and selling vehicles under the brand names CarWale, CarTrade, and Olx. The company serves as an integrated online and offline marketplace for vehicle owners, dealerships, original equipment manufacturers (OEMs), and other businesses. Revenue is generated through lead generation from automakers and dealers, which reflects in the consumer revenue segment, contributing 38% of the revenue in FY24, followed by sales
