India’s top full-stack automotive tech company, the CarDekho group, recently announced its acquisition of Carmudi Philippines – the country’s largest used car classifieds website.
The Philippines is the second Southeast Asian country where CarDekho Group has operated in, following its successful launch in Indonesia under the brand name OTO.com – the number one new auto portal in the country.
The recent acquisition of Carmudi Philippines is aligned with CarDekho’s business strategy to expand its reach across Southeast Asia. With Carmudi and CarDekho coming together and working towards digitalizing the entire Philippine auto ecosystem, the local industry is expected to witness a series of disruptive innovations.
CarDekho is focused on building a complete, new car and used car ecosystem platform in every country it establishes operations in, to effectively engage consumers throughout their car-buying journey. In the Philippines, CarDekho will aggressively focus on building up and digitizing the ecosystem and offer end to end solutions to both new and used car buyers.
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 380,000 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.