HDFC buys stake in CarDekho
CarDekho- one of India’s leading auto portal has managed to get one more leading investor and this time it is none other than a leading private sector bank in India i.e. HDFC bank. It is believed that HDFC has acquired almost 1% stake in CarDekho whose recent valuation is around 300 million US dollars.
India has a huge potential in the field of car finance/ car loans. The estimated worth of this field is Rs.80000 crores into which the HDFC claims a significant chunk of more than one fourth of the total. Thus, it is believed that this investment would prove to be a win-win situation for both of them as CarDekho is now planning to start auto-financing through its portal and this is where HDFC could play a significant role. Also, this will allow HDFC to make a strong presence in the online market.
CarDekho which is owned and run by Girnarsoft, suddenly came into the focus when Mr. Ratan Tata- Chairman Emeritus of Tata Group backed the auto portal. Since then, this project (i.e. www.cardekho.com) took off with a great pace and has now reached to the present valuation of Rs. 1800 crores.