CarWale owned by German media conglomerate Axel Springer, has been acquired by CarTrade. The deal was done in cash which is expected to be close to Rs 590 crore. The two wheeler platform Bikewale will also merge with CarTrade as part of the deal.

Axel Springer will sell 91% of its stake from CarWale, as part of the deal.

Both the platforms will operate independently and the company expects to earn a revenue close to $400 million in the next four years.

The company now has 2,000 employees, roughly 9,000 car dealers and 2.25 lakh used cars listed on the platform. [source]