CarDekho acquires Help On Wheels

CarDekho, owned by Girnar Software has acquired roadside assistance firm Help On Wheels Pvt. Ltd for an undisclosed amount.Companies operating in the used car space have been raising funds to compete in one of the fastest growing business verticals.The acquisition comes two weeks after Girnar Software raised an undisclosed amount of funding from Google Capital.

Girnar’s acquisition will help the company compete against its rival Cartrade.com (MCX Solutions Pvt. Ltd), which raised Rs.950 crore in funding led by Singapore-based investment firm Temasek and March Capital, with participation from existing investor Warburg Pincus. The company had raised $30 million in 2014 from a group of investors that included Tiger Global, Warburg and Canaan Partners.

Help On Wheels was founded by Lalit Parmar and Nirmal Mitra in 2014 and has a client base of 50,000, the statement said. All the employees of Help On Wheels will be absorbed by Cardekho.

Girnar Software, which operates other portals, including Zigwheels, Gaadi.com, Pricedekho.com and Bikedekho.com, had raised $50 million in January 2015 from Hillhouse, Tybourne and Sequoia Capital. It was valued at $300 million then. Further rounds of funding were raised from Tata Sons chairman emeritus Ratan Tata and HDFC Bank Ltd.In the last two years, the company has acquired four other companies—Drishya360, Gaadi.com, Zigwheels and BuyingIQ.

 

 

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