Overview
- CarTrade Tech and Girnar Software said they have mutually decided not to proceed with the proposed transaction at this stage.
- The discussions covered only new and used automotive classifieds and excluded Girnar’s financing, insurance and other non-classified businesses.
- CarTrade said it will continue its strategic roadmap with a focus on product and technology and on strengthening CarWale, BikeWale, OLX India and Shriram Automall.
- BSE and NSE moved CarTrade’s securities into the long-term Additional Surveillance Measure framework following the announcement.
- CarTrade highlighted recent results with profit more than doubling to Rs 64.08 crore and revenue rising 29% year-on-year to Rs 222.14 crore for the September quarter.