Axel Springer and India Today Group Aquire CarWale.Com
Posted on Thursday, November 11th, 2010 at 7:25 am
Multimedia company Axel Springer AG and the India Today Group will take over automobile website CarWale.com, part of a wave of global investment pouring into the country’s digital properties. The two corporations have been jointly publishing the Indian edition of AUTO BILD since 2008.
The two companies will be acquiring a total stake of 70.4% in CarWale. With this acquisition, where Avendus Capital has served as the sole investment banker, these two venture firms and all the early angel investors will be exiting CarWale entirely.
Ashish Bagga, CEO, India Today Group: “We are delighted with this acquisition. CarWale is the number one player in the online car domain in India. This is in line with our leadership position in the Indian media space and fits well with our expansion into the online business. We see strong synergies with our content, eCommerce initiatives and media assets.”
With over 1.3 million visitors and 17 million page views each month, CarWale leads this market for car research and used car classified ads by a wide margin. By audience measures, it is the single largest media vehicle in India focused on the automotive segment across all media – TV, print or online.
India is considered the fastest growing auto market in the world as well as one of the fastest growing online markets. Enjoying growth rates of over 20% year-on-year, it is projected to become one of the top 3 online markets in the world by 2013, along with China and the USA.