Axel Springer and India Today together have acquired 70 percent stake, in Automotive Exchange Private Limited who are the owners of automotive classified ads portal, CarWale.com. The acquisition value estimates to be over $5 million (Rs. 22 crore)..Khaitan & Co. advised Automotive Exchange Private Limited with a team led by Partner Kalpana Unadkat along with Surbhi Kejriwal and Umang Mehta..Speaking with Bar & Bench, Partner Kalpana said, “We are overjoyed, acting for Automotive Exchange and its promoters, on this transaction. It is one of a series of transactions for KCO, where we have advised the company and its promoters on M & A transactions and this further demonstrates our expertise in this area”..Luthra & Luthra advised both Axel Springer and India Today, with a team led by Partner Deepak Joyce. Joyce was promoted to partnership early this month, by Luthra..CarWale.com is India’s leading automotive website and its services include new car research, on-road price of new cars, used car valuation guide and used car classifieds..The Deal Curry reports Axel Springer has bought 52.1 percent stake, while the India Today group has bought 18.3 percent stake. Axel Springer and the India Today group already have a 49:51 joint venture partnership in India, to publish the fortnightly magazine Auto Bild. The acquisition of CarWale is a natural extension of this partnership. The remaining stake of about 30 percent is with the founders led by Mohit Dubey and employees. The founders have sold part equity. CarWale’s investors, early stage fund Seedfund and Sierra Ventures, have sold their entire stake in this deal.
Axel Springer and India Today together have acquired 70 percent stake, in Automotive Exchange Private Limited who are the owners of automotive classified ads portal, CarWale.com. The acquisition value estimates to be over $5 million (Rs. 22 crore)..Khaitan & Co. advised Automotive Exchange Private Limited with a team led by Partner Kalpana Unadkat along with Surbhi Kejriwal and Umang Mehta..Speaking with Bar & Bench, Partner Kalpana said, “We are overjoyed, acting for Automotive Exchange and its promoters, on this transaction. It is one of a series of transactions for KCO, where we have advised the company and its promoters on M & A transactions and this further demonstrates our expertise in this area”..Luthra & Luthra advised both Axel Springer and India Today, with a team led by Partner Deepak Joyce. Joyce was promoted to partnership early this month, by Luthra..CarWale.com is India’s leading automotive website and its services include new car research, on-road price of new cars, used car valuation guide and used car classifieds..The Deal Curry reports Axel Springer has bought 52.1 percent stake, while the India Today group has bought 18.3 percent stake. Axel Springer and the India Today group already have a 49:51 joint venture partnership in India, to publish the fortnightly magazine Auto Bild. The acquisition of CarWale is a natural extension of this partnership. The remaining stake of about 30 percent is with the founders led by Mohit Dubey and employees. The founders have sold part equity. CarWale’s investors, early stage fund Seedfund and Sierra Ventures, have sold their entire stake in this deal.