CarTrade Tech Calls Off Consolidation Talks with CarDekho Parent Girnar Software
Mumbai, November 27, 2025 — CarTrade Tech Ltd., the parent company of CarWale, BikeWale, and OLX India, announced today that its proposed consolidation with Girnar Software Pvt. Ltd., which operates CarDekho and BikeDekho, has been discontinued.
In a filing to the stock exchanges, the online automobile marketplace confirmed that both parties have "mutually decided not to proceed with the proposed transaction at this stage." Accordingly, the transaction is not being pursued for now.
Background on the Deal
Initial Disclosure: CarTrade had first disclosed on November 11 that it was in preliminary discussions with Girnar Software regarding a potential consolidation opportunity in the automotive classifieds space in India.
Scope of Talks: The discussions were strictly limited to the automotive classifieds businesses (CarDekho and BikeDekho) and did not include Girnar Software's other ventures like its financing and insurance arms (InsuranceDekho and Rupyy).
Potential Valuation: Media reports suggested that the all-stock deal could have been valued at approximately $1.2 billion and would have created one of India's largest auto-tech platforms, significantly consolidating the sector.
Company Context: Both companies are prominent players in the digital auto space. CarDekho had achieved unicorn status in 2021 with a $1.2 billion valuation, while the listed CarTrade Tech has been strategically expanding, having recently acquired the Indian auto business of OLX in 2023.
CarTrade's Forward Strategy
Following the collapse of the talks, CarTrade Tech stated it will continue to focus on strengthening its existing businesses. The company highlighted that its platforms, including CarWale, BikeWale, OLX India, and Shriram Automall, operate in a large and expanding market with significant headroom for growth.
CarTrade Tech remains committed to its strategic roadmap, with an emphasis on product and technology innovation, and added that it remains open to evaluating other strategic opportunities in the ordinary course of business.