CarDekho Group Acquires Carmudi, Auto Website In Philippines
CarDekho group which owns and operates auto sites CarDekho.com, Gaadi.com, ZigWheels.com, Powerdrift.com, BikeDekho.com and OTO.com in Indonesia has expanded its global footprint by acquiring Carmudi, an online car classifieds site in the Philippines. Launched in 2013, Carmudi is the leading new auto player in the Philippines.
The Philippines is the 2nd Southeast Asian country where Cardekho Group has started its operations. In 2016 CarDekho green-fielded its Indonesia operations under the brand name OTO.com, which has since become the number one new auto portal in the country. The acquisition is aligned with CarDekho’s business strategy to expand and fortify its footprint across Southeast Asia. Carmudi has a commanding presence in the Philippines, with a robust recall value and sturdy lead generation.
In the Philippines too, CarDekho will aggressively focus on building up and digitizing the ecosystem and offer end to end solutions to both new and used car buyers.
Leading CarDekho Group’s global expansion, Umang Kumar, Co-Founder and President, CarDekho group said, “We are excited to expand our international footprint and invest in the new region. Philippines underlying macro fundamentals make it an extremely promising market. The market demand for new PVs in the Philippines has grown at a CAGR of 14 % during 2014-2018 with new car sales crossing 3,80,000 units in 2018. We see this growth as a big opportunity to digitize the Philippines auto ecosystem and engage with consumers throughout their online car buying journey. Our strong ecosystem play has made us a leader in India and Indonesia. And now we are expecting the same for the Philippines.”
“CarDekho, a leading full-stack auto tech company backing us will help us in further strengthening our position in this region. This means added enhancements in technology, processes, and platforms resulting in great user experience. Carmudi is already known for quality listings, powerful search, and one-stop convenience but the collaboration with CarDekho will enable us to digitalize and simplify the entire auto ecosystem.” said Cholo Syquia, country head, Carmudi Philippines.
