Girnar Software Private Limited, owners of auto portals CarDekho.com and Gaadi.com, and Times Internet Limited today announced the acquisition of Zigwheels.com by Girnar from Times Internet. Consequently, Times Internet is now an investor in Girnar Software, alongside Sequoia Capital, Hillhouse, Tybourne, Ratan Tata and HDFC Bank.
Girnar Software Group’s automotive properties (CarDekho.com, Gaadi.com, Zigwheels.com, BikeDekho.com, TyreDekho.com) draw close to 30 million monthly visitors.
Zigwheels.com will operate independently as a separate business within the Girnar Software umbrella.
According to Amit Jain, Founder and CEO of Girnar Software, “Having been a part of India’s leading and most respected media group, Zigwheels.com comes with a very strong content pedigree. This strategic acquisition reinforces our commitment to further enrich our content to enable us to engage even more deeply with our consumers. This also takes our market leadership to the next level in the digital auto vertical across visitors, dealer base and revenues.”
Jain went on to add, “We are delighted to welcome Times as a new investor in our company and look forward to their support as we continue our journey and further consolidate our leadership in the online auto space.”
Satyan Gajwani, CEO of Times Internet said, “We see tremendous growth and value creation opportunities in the online auto industry in India and overseas. Girnar Soft, as the leader in this space, is best positioned to take advantage of this opportunity. We are excited to be partnering with an exceptional management team which has built great value and we are confident will continue to blaze trails in the years to come.”
The Rainmaker Group (TRMG) acted as the exclusive financial advisor to Girnar Software for this transaction.
This is Girnar Software’s second major acquisition. Last September, it acquired the Nasper Group-owned Gaadi.com.