Gurugram-based online marketplace for new and used cars CarDekho has acqihired used cars platform Carbiqi, marking its foray into the auction model, according to media reports.
According to an Entrackr report, the stock deal was signed a couple of weeks back and Carbiqi team is expected to join CarDekho’s used car vertical in Gurugram.
After being engaged in a long process of negotiations, which lasted two months, a consensus on the deal was finally reached.
The reports are yet to be confirmed by either CarDekho or Carbiqi.
With the latest acquisition, CarDekho is set to enter the auction model, similar to Cars24. Under the auction model, CarDekho will buy cars from the consumers. Later, the dealers will bid for the bought inventory.
Founded by Akansh Sinha and Anubhav Deep in 2015, the Carbiqi team worked under the ServX brand name, catering to the automotive service domain. Currently, Carbiqi has four stores in Delhi NCR.
CarDekho was founded by Amit Jain and Anurag Jain in 2005. It provides a platform for users to search for used and new cars, along with providing them with detailed reviews to help them choose the right car.
Last month, CarDekho’s revenues grew by 40% to ₹160 crore in FY18, from ₹114 crore in FY17.
Earlier this year, CarDekho acquired YouTube automotive content channel PowerDrift.
Other players competing with CarDekho in this space include Cars24, CarTrade, among others.