Vinay Sanghi established CarTrade Tech in 2009. His firm plans to obtain full ownership of Sobek Auto India Pvt Ltd.
Vinay Sanghi, the creator of CarTrade Tech, a Mumbai-based platform for pre-owned cars, has been leading the automotive e-commerce company since its inception in 2009. CarTrade Tech will now acquire the auto sales business of OLX India’s online marketplace for Rs 537 crore.
As per a filing with the stock exchange on Monday, CarTrade announced its intention to purchase the entire stake of Sobek Auto India Pvt Ltd, which encompasses OLX India’s automotive business, for a cash amount. CarTrade Tech currently has a market capitalization of Rs 2650 crore as of July 11, 2023.
Who is Vinay Sanghi?
Vinay Sanghi is the founder of CarTrade Tech, an automobile marketplace. He also serves as the chairman and managing director of the company. He originates from Mumbai, and his family has been involved in the automobile industry since the 1960s. With over three decades of experience in the field, Vinay has established a high standard of excellence. In fiscal year 2021, he received a total compensation of Rs 5.21 crore, as reported by Business Insider.
Before establishing CarTrade, he worked at Mahindra First Choice Wheels Ltd. for nine years until 2009. Afterward, he founded CarTrade Tech. Currently, he also holds the position of Independent Director at HDFC Ergo General Insurance Company Ltd. He possesses expertise in the automobile distribution ecosystem.
He holds a Bachelor’s Degree in Commerce from Sydenham College. According to the CarTrade Tech website, the company operates under various brands, including CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto, and AutoBiz.
