CarTrade Tech
Mainboard₹2,999 Cr issue
-1.11%
Listing gain over issue price
Issue size
₹2,999 Cr
1 lot at cut-off
₹14,562
Lot size
9shares
Open
09 Aug 2021
Close
11 Aug 2021
Allotment
17 Aug 2021
Listing
20 Aug 2021
Listing performance
Issue price
₹1,618
Listed at
₹1,600
Listing-day close
₹1,501.05
Latest price
₹2,820.30
Close on 23 Oct 2026
Listing gain
-1.11%
Return since issue
+74.31%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 09 Aug 2021 – 11 Aug 2021
- Listing date
- 20 Aug 2021
- Face value
- ₹10 per share
- Issue price
- ₹1,618 per share
- Lot size
- 9 shares
- Total issue size
- ₹2,999 Cr
- Market cap at offer price
- ₹7,416 Cr
- Promoter holding
- 89.25% → 48.81% pre-issue → post-issue
- ISIN
- INE290S01011
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- 12th Floor, Vishwaroop IT Park, Sector 30A, Vashi, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 55,59,664 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 9 shares per lot, in multiples, at ₹1,618
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 9 | ₹14,562 |
| Retail (max) | 13 | 117 | ₹1,89,306 |
| S-HNI (min) | 14 | 126 | ₹2,03,868 |
| S-HNI (max) | 68 | 612 | ₹9,90,216 |
| B-HNI (min) | 69 | 621 | ₹10,04,778 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
55,59,664
Anchor portion
₹900 Cr
at ₹1,618 per share
Valuation and performance
Valuation at offer price
₹1,618 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹7,416 Cr |
About CarTrade Tech
CarTrade Tech Limited is a professionally managed online automotive platform company incorporated in 2000 (originally as Kaymo Fastener Company). The company operates through multiple brands including CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz. It is India's number one online auto portal based on relative online search popularity in FY 2021 and one of the leading used vehicle auction platforms. The company was the only profitable digital auto platform among its key competitors for FY 2020. It operates 114 automalls across India and provides comprehensive automotive services including remarketing, inspection and valuation services, online advertising, lead generation, and technology-based solutions to dealers, OEMs, financial institutions and consumers.
Company Analysis
from RHPCarTrade Tech Limited is India's leading online auto portal for cars and two-wheelers, offering multi-channel platforms for buying, selling, and auctioning used vehicles with related services.
CarTrade Tech Limited is a professionally managed online automotive platform company incorporated in 2000 (originally as Kaymo Fastener Company). The company operates through multiple brands including CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz. It is India's number one online auto portal based on relative online search popularity in FY 2021 and one of the leading used vehicle auction platforms. The company was the only profitable digital auto platform among its key competitors for FY 2020. It operates 114 automalls across India and provides comprehensive automotive services including remarketing, inspection and valuation services, online advertising, lead generation, and technology-based solutions to dealers, OEMs, financial institutions and consumers.
Online auto portalsUsed vehicle remarketingVehicle auction platformsDigital automotive advertisingAutomotive technology services
Objects of the Issue
- Offer for Sale of Equity Shares by the Selling Shareholders ₹29,985.13 million p.1
- Achieve the benefits of listing the Equity Shares on the Stock Exchanges p.12
- This Offer is an Offer for Sale by Selling Shareholders; the Company will not receive any proceeds from the Offer p.51
- Achievement of benefits of listing the Equity Shares on the Stock Exchanges p.91
Issue Structure
- Total Issue
- ₹29,985.13 million
- Fresh Issue
- Nil
- Offer for Sale
- ₹29,985.13 million (18,532,216 Equity Shares)
- Price Band
- ₹1,585 to ₹1,618 per Equity Share
- Lot Size
- Nine Equity Shares and in multiples of Nine Equity Shares
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue primarily from commission and related income including: (i) commission and fees from remarketing services and inspection and valuation services of used vehicles, (ii) website services and fees from online advertising solutions, lead generation, and technology-based services, and (iii) sale of used cars.
Business Segments
Commission and fees from remarketing services and inspection and valuation services of used vehicles
Revenues generated from online advertising solutions, lead generation, technology based services and sale of used cars
Online automotive marketplace for buying and selling of vehicles
Online automotive marketplace for vehicle sales and related services
Vehicle auction and remarking services, B2B automotive transactions
Consumer platforms for buying and selling new and used cars. Customers research vehicles using tools such as car reviews, price guides, specifications, and images. The platform connects customers to dealers and OEMs. OEMs and dealers showcase vehicles and advertise brands. Finance solutions provide customized auto finance approvals from multiple financiers.
Consumer platform for buying and selling new and used two-wheelers. Customers research two-wheelers using reviews, price guides, specifications, and images. Platform connects customers to dealers and OEMs. Finance solutions provide customized auto finance approvals for two-wheeler purchases.
Used vehicle auction platform facilitating buying and selling of used cars, two-wheelers, three-wheelers, commercial vehicles, and farm/construction equipment. Serves retail sellers, dealers, financial institutions, insurance companies, fleet operators, leasing companies, OEMs. Conducts online and offline auctions at 114 automalls. In FY2021, hosted 814,316 listings and 156,689 vehicles sold through auctions.
Online auction platform and used vehicle ERP system used by consumers, dealers, and fleet owners to sell vehicles. Dealers use it to manage procurement, inventory management, and customer relationship management (CRM). Shriram Automall uses CarTrade Exchange to conduct online auctions.
Provides on-site vehicle inspections and valuations for insurance companies, banks, and other financial institutions. Insurance companies use for breach-of-policy inspections. Lenders use for valuation of used vehicles as loan collateral. Clients of Shriram Automall request valuations before auction. Conducted 728,198 inspections and valuations in FY2021.
Cloud-based CRM tool for new vehicle dealers to manage sales leads, ensure effective follow-up by dealership executives, and provide management insight into sales team performance.
Revenue from rendering services through digital platforms including website hosting and platform access fees
Commission earned on transactions facilitated on platforms, including parking and registration fees
Direct sale of used cars to consumers through CarWale franchisee network
Facilitation of auction of vehicles via online and offline platforms and providing incidental ancillary services such as valuation and inspection, and collection of parking charges and non-refundable event participation charges from customers
Advertisement income from display ads on company websites; lead generation revenue from leads shared with and concluded for customers; managed solutions from events, marketing, multimedia and digital services
Sale of used cars through the car buy and sell business
SWOT Analysis
Strengths
- • Market leader in online auto portals by search popularity(p.14)
- • Only profitable digital auto platform among competitors(p.14)
- • Leading auction platform by vehicle volume(p.14)
- • Strong organic traffic to consumer platforms(p.32)
- • Diversified multi-channel platform across vehicle types(p.14)
- • Established automall network across India(p.39)
- • Professionally managed company without identifiable promoter(p.48)
- • Multiple ESOP plans attracting and retaining talent(p.45)
- • Strong equity base from multiple funding rounds(p.45)
- • Market-leading brands with highest search popularity(p.127)
- • Only profitable player among key competitors(p.127)
- • Multi-channel platform across vehicle types and value-added services(p.124)
- • High organic traffic with strong brand recognition(p.124)
- • Proprietary in-house technology platform with data science capabilities(p.142)
- • Scalable asset-light business model with improving margins(p.129)
- • Founder-led management with significant industry experience(p.129)
- • Synergistic ecosystem creating network effects(p.127)
- • Strong board governance with independent directors and professional management(p.165)
- • Experienced leadership with over 30 years in automobile industry(p.166)
- • Diversified digital ecosystem connecting multiple automotive stakeholders(p.193)
- • Strong brand recognition and market leadership in consumer platforms(p.252)
- • Only profitable automotive digital platform among competitors in FY2020(p.252)
- • Large organic visitor base with strong organic traffic proportion(p.252)
- • Diversified multi-channel platform covering multiple vehicle types and services(p.252)
- • Improving profitability and EBITDA margins despite revenue decline(p.252)
- • Significant ownership and operational presence in Shriram Automall(p.243)
- • Decreasing customer acquisition cost per visitor(p.256)
- • Diversified revenue streams across online and offline platforms(p.268)
- • Zero financial indebtedness as of March 31, 2021(p.272)
- • Strong deferred tax asset position enabling future profitability(p.272)
- • Established brand portfolio with 75 trademark registrations(p.283)
Weaknesses
- • Significant intangible assets exposure to impairment risk(p.41)
- • Inconsistent profitability impacted by COVID-19(p.27)
- • High employee attrition rates(p.36)
- • Trademark and domain registration challenges(p.31)
- • Untraceable secretarial records from 2009-2014(p.41)
- • Limited insurance coverage for business interruption(p.28)
- • Contingent liabilities from regulatory matters(p.40)
- • ESOP charges reducing profitability(p.45)
- • Company will not receive proceeds from IPO(p.50)
- • Significant compliance costs as newly listed company(p.52)
- • Dependence on relatively few customer segments for revenue(p.112)
- • High concentration of automall properties on leased premises(p.148)
- • Limited penetration among dealers - only ~4,000 of ~30,000 used car dealers active(p.129)
- • Revenue volatility in auction business tied to external financial events(p.118)
- • Concentration of shareholding with two entities controlling over 60% of equity(p.180)
- • Dependence on outsourced services from SAMIL with 100% revenue pass-through arrangement(p.163)
- • No dividend paid in recent years despite profits(p.182)
- • Revenue decline despite profit improvement in FY2021(p.252)
- • High accumulated losses reducing equity value(p.215)
- • Significant operating lease liabilities and depreciation burden(p.222)
- • Dependence on revenues from a limited number of customer segments(p.256)
- • High impairment allowance on financial assets indicating credit risk(p.223)
- • High employee benefits expense relative to revenue(p.269)
- • Decline in revenue from operations year-over-year(p.269)
- • Significant litigation involving Material Subsidiary (SAMIL)(p.278)
- • GST compliance issues with show cause notice(p.280)
Opportunities
- • Large addressable market in online auto sector(p.14)
- • High online research penetration among vehicle buyers(p.35)
- • Growing preference for personal vehicles post-COVID(p.25)
- • Expansion of value-added services across portfolio(p.14)
- • Strong macroeconomic growth trajectory in India(p.100)
- • Rapid digital adoption and e-commerce growth(p.101)
- • Rising discretionary consumption from increasing GNI per capita(p.100)
- • Substantial growth in Indian automotive market volumes(p.129)
- • Significant low motorization rate with headroom for growth(p.129)
- • Digital advertising spend by OEMs expected to grow at ~20% CAGR(p.129)
- • Currently low digital advertising spend by OEMs vs global benchmarks(p.129)
- • Highly fragmented used commercial vehicle market opportunity(p.116)
- • Shift toward organized dealers from unorganized market(p.130)
- • Over 90% of vehicle buyers use online channels for research(p.129)
- • Used car finance penetration at only 17% vs 75% for new cars(p.119)
- • Expansion of digital platforms across automotive ecosystem brands(p.193)
- • Growth potential through integration of financial services referrals(p.164)
- • Substantial growth potential in used vehicle market(p.256)
- • Expansion of financing and lending products on platform(p.255)
- • Expansion into vehicle servicing, accessories and insurance(p.255)
- • Growth in commercial vehicle and two-wheeler markets(p.256)
- • Large addressable market for online automotive services(p.252)
- • International expansion of software and technology services(p.255)
- • Growth in used car preference post-COVID-19(p.256)
- • Expansion through increased adoption of technology-based solutions(p.268)
- • Growth in digital advertising and lead generation segments(p.268)
- • Potential for business expansion given strong balance sheet and zero debt(p.272)
Threats
- • Decline in individual car ownership and preference for shared mobility(p.25)
- • COVID-19 pandemic impact on demand and operations(p.26)
- • Regulatory changes on vehicle emissions affecting demand(p.25)
- • Intense competition from well-funded competitors(p.33)
- • Potential entry of large automotive manufacturers as competitors(p.33)
- • Dependency on search engine rankings for organic traffic(p.32)
- • Consolidation among dealers and OEMs reducing demand(p.40)
- • Regulatory uncertainty around data protection and privacy(p.29)
- • Technology platform disruptions and cybersecurity threats(p.28)
- • Dependency on Indian economic conditions(p.45)
- • Exposure to COVID-19 pandemic impacts(p.100)
- • Foreign investment restrictions and regulatory uncertainty(p.49)
- • Exposure to competition law enforcement(p.48)
- • High competition from multiple well-funded competitors(p.145)
- • Dependence on macroeconomic cycles and consumer discretionary spending(p.106)
- • Highly fragmented used car market with low parc turn rate indicating limited repeat transactions(p.109)
- • Regulatory uncertainty around data protection and intermediary rules(p.149)
- • Dependence on third-party financial integrations and partnerships(p.132)
- • Used two-wheeler market dominated by unorganized sector limiting monetization(p.115)
- • Capital intensity of physical automall operations despite asset-light model(p.148)
- • Dependency on SAMIL for critical outsourced business operations under exclusive arrangement(p.163)
- • Impact of COVID-19 on asset valuations and business plans(p.186)
- • Contingent indemnity obligations up to ₹600 million related to acquisitions(p.163)
- • Cyclical nature of automotive industry and economic sensitivity(p.255)
- • Adverse impact from government regulations and emission/safety norms(p.255)
- • Continued COVID-19 pandemic and lockdown disruptions(p.255)
- • Contingent tax liabilities and regulatory disputes(p.241)
- • Dependence on India-only market creates geographic concentration risk(p.255)
- • Significant market competition and potential competitor spending(p.255)
- • Impact of economic recession on discretionary consumer spending(p.255)
- • Competitive intensity in online automotive marketplace sector(p.274)
- • Regulatory and compliance risks affecting used vehicle sales(p.280)
- • Multiple pending tax disputes involving Material Subsidiary(p.280)
- • Customer concentration risk in financial institution and banking relationships(p.268)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| CMDB II | Investor Selling Shareholder | 12.51% | 7.57% |
| Highdell Investment Ltd | Investor Selling Shareholder | 36.11% | 17.76% |
| MacRitchie Investments Pte. Ltd. | Investor Selling Shareholder | 27.77% | 16.69% |
| Springfield Venture International | Investor Selling Shareholder | 7.44% | 3.58% |
| Bina Vinod Sanghi | Other Selling Shareholder | 0.40% | — |
| Daniel Edward Neary | Other Selling Shareholder | 0.15% | — |
| Shree Krishna Trust | Other Selling Shareholder | 1.53% | 0.95% |
| Victor Anthony Perry III | Other Selling Shareholder | 0.22% | 0.11% |
| Vinay Vinod Sanghi | Other Selling Shareholder | 3.12% | 2.14% |
| Highdell Investment Ltd | Investor Selling Shareholder | 34.44% | — |
| MacRitchie Investments Pte. Ltd. | Investor Selling Shareholder | 26.48% | — |
| CMDB II | Investor Selling Shareholder | 11.93% | — |
| Springfield Venture International | Investor Selling Shareholder | 7.09% | — |
| Vinay Vinod Sanghi | Promoter/Director | 3.56% | — |
| Vinay Vinod Sanghi | Promoter/Major Shareholder | — | — |
| Highdell Investment Ltd (affiliate of Warburg Pincus LLC) | Institutional shareholder | — | — |
| Temasek | Institutional shareholder | — | — |
| MacRitchie Investments Pte. Ltd. (March Capital affiliate) | Institutional shareholder | — | — |
| Highdell | Shareholder | 34.44% | — |
| MacRitchie | Shareholder | 26.48% | — |
| Vinay Vinod Sanghi and Bina Sanghi | Promoter/Promoter Group | — | — |
| Vinay Vinod Sanghi with Seena Vinay Sanghi | Promoter | 20.00% | — |
| Shree Krishna Trust | Promoter | 19.53% | — |
| Highdell Investment Ltd | Promoter Group | 57.86% | — |
| MacRitchie Investments Pte. Ltd. | Promoter Group | 47.80% | — |
| Vinay Vinod Sanghi | Promoter | — | — |
Leadership
Lalbahadur Pal · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
CarTrade Tech IPO FAQs
What is the lot size of CarTrade Tech IPO?
The minimum lot size of CarTrade Tech IPO is 9 shares. One lot costs ₹14,562 at the cut-off price.
When does CarTrade Tech IPO open and close?
CarTrade Tech IPO opened for subscription on 09 Aug 2021 and closed on 11 Aug 2021.
What is the listing date of CarTrade Tech IPO?
CarTrade Tech IPO listed on 20 Aug 2021.