 "CarDekho acquires Philippines-based Carmudi to expand to Southeast Asia")
Automobile portal CarDekho on Thursday said it has acquired Philippines-based online car classified site Carmudi for an undisclosed amount.
The acquisition is aligned with company's business strategy to expand and fortify its footprint across Southeast Asia, CarDekho said in a statement.
The company already has presence in Indonesia, where it operates under OTO.com brand name.
"Philippines' underlying macro fundamentals make it an extremely promising market," CarDekho group co-founder and President Umang Kumar said.
The market demand for new passenger vehicles in Philippines has grown at a CAGR of 14 per cent during 2014-2018, with new car sales crossing 3,80,000 units in 2018, he added.
"We see this growth as a big opportunity to digitise 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 Philippines," Kumar said.
More From This Section
Carmudi's Philippines country head Cholo Syquia said CarDekho's backing would help the company further strengthen its position in the region.
"This means added enhancements in technology, processes, and platform 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 digitalise and simplify the entire auto ecosystem," he added.