CarTrade Tech Ltd. on Thursday said that its proposed deal with Girnar Software, the parent company of CarDekho and BikeDekho, regarding a potential consolidation in their automotive classifieds businesses in India has been called off.
According to an exchange filing by CarTrade, both the parties have decided mutually to not proceed with the transaction at this stage.
“The Company will continue to pursue its strategic roadmap, drive product and technology innovation, and enhance value across its diversified ecosystem,” CarTrade said in an exchange filing.
The talks between the companies were focused solely on the new and used automotive classifieds segments and did not include Girnar’s financing, insurance, or other non-automotive businesses.
The discussions were expected to bring together two of India’s leading digital automotive platforms, potentially creating a stronger presence in the online vehicle marketplace. Both companies operate in highly competitive segments, offering listings and services for buying and selling cars and two-wheelers.
CarTrade’s profit more than doubles to Rs 64.08 crore in the second quarter of this financial year. This is in comparison to profit of Rs 30.73 crore in the same quarter of the previous fiscal.
Revenue advanced by 29% year-on-year for the three months ended September, reaching Rs 222.14 crore. Operating income, or earnings before interest, taxes, depreciation, and amortization rises 94% year-on-year to Rs 63.60 crore.
The Consumer Group delivered 37% year-on-year revenue growth and 82% profit growth. The Remarketing Business also posted robust results with 23% year-on-year revenue growth and 30% rise in profit.
OLX India maintained strong momentum with a 17% surge in revenue and a 213% year-on-year increase in profits, driven by operating leverage and integration of synergies.
