On June 24, 2024, private equity firm Warburg Pincus and Singaporean state-owned conglomerate Temasek Holdings sold substantial portions of their stakes in Indian used cars marketplace CarTrade Tech. Warburg Pincus, through its subsidiary HighDell Investments Ltd., sold about four million shares, decreasing its total equity stake in the company from 17.3% to 8.7%. Concurrently, Temasek Holdings, through MacRitchie Investments Pvt. Ltd., offloaded over two million shares, reducing its stake from 16.3% to 12%. Both sets of shares were sold at INR828 (approximately $9.90 U.S.) per share. Additionally, JP Morgan’s CMDB II also participated by selling 300,000 shares. Reputable investors, including Goldman Sachs Funds, Societe Generale, Verition, Patronus, Bajaj Allianz, and HSBC Global Investment Funds, were among the notable purchasers of CarTrade Tech shares. Prior to this, other investors like Springfield Venture International and March Capital had offloaded shares worth a total of INR700 million in March. Despite reaching a high of INR935 per share in May, CarTrade Tech’s share price stood at INR785 at the time of reporting. Established in 2009 and headquartered in Mumbai, CarTrade Tech is known for its operations encompassing CarWale, Shriram Automall, BikeWale, and OLX India, and reported a 29.8% year-on-year increase in revenue, amounting to INR5.5 billion for the fiscal year ending March 2024.

Private Equity, Automotive, Financial Services,India, Singapore, United States

https://aimgroup.com/2024/06/27/warburg-pincus-temasek-significantly-reduce-their-holdings-in-cartrade-tech/