Axel Springer, India Today Group acquire 70% stake in CarWale.com

MUMBAI: Axel Springer, the $3.6 billion multimedia German company, has made an aggressive move in India. Along with the India Today Group, it has acquired 70.4 per cent stake in CarWale.com, an online automotive website, for an undisclosed amount.

Axel Springer will hold 52.1 per cent while India Today will have a 18.3 per cent stake in CarWale.com.
 
Private equity firms Sierra Ventures and Seedfund are exiting CarWale.com.

CarWale was launched in 2005 as a used car listing portal and launched the ‘Used Car Price Guide‘ in 2006. 
 
Said CarWale CEO and co-founder Mohit Dubey, “We are thrilled to announce that CarWale is now a part of Axel Springer AG and the India Today Group, owing to their recent acquisition of the company. This is a big step into the future for us, and we are delighted to have you take these steps with us and help us scale new heights.”