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Jaipur-headquartered Cardekho group, an auto-tech company, has forayed into the Philippines with the acquisition of online car classifieds site Carmudi for an undisclosed sum.
Launched in 2013, Carmudi is the leading new auto player in the Philippines, the company said in a statement.
“The market demand for new passenger vehicles (PVs) in the Philippines has grown at a CAGR (Compounded Annual Growth Rate) of 14 per cent during 2014-2018 with new car sales crossing 3,80,000 units in 2018,” said Cardekho group’s Co-Founder and President Umang Kumar.
“We see this growth as a big opportunity to digitise the Philippines auto ecosystem and engage with consumers throughout their online car buying journey. Our strong ecosystem play has made us a leader in India and Indonesia. And now we are expecting the same for the Philippines,” he added.
Cardekho group owns and operates Indian auto sites CarDekho.com, Gaadi.com, ZigWheels.com, Powerdrift.com, BikeDekho.com and Indonesia’s OTO.com. The Philippines is the second Southeast Asian country where Cardekho Group has started its operations, Indonesia being the other country.
In 2016 Cardekho set up its greenfield operations in Indonesia under the brand name OTO.com.
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