CarTrade Tech board approves investment of up to Rs 750 cr

Multi-channel automobile buying and selling platform CarTrade Tech Ltd on Thursday said that its board has approved investment of Rs 750 crore in automotive ecosystem.

The investment will be by way of subscription, purchase or otherwise, the company said in a regulatory filing.

Shares of the company were trading 0.53 per cent higher at Rs 914.15 apiece on BSE during late trade.

CarTrade is a multi-channel auto platform with coverage and presence across vehicle types and value-added services through its brands CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto, and AutoBiz. These platforms enable new and used automobile customers, vehicle dealerships, vehicle OEMs and other businesses to buy and sell their vehicles.

The company raised Rs 2,999 crore from the market during its IPO. On market debut in August, shares of CarTrade Tech closed with a discount of nearly 8 per cent against its issue price of Rs 1,618.

Meanwhile, the company had reported a consolidated net loss of Rs 35.35 crore for the second quarter ended September 30, 2021.