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Subscribe to CarTrade Tech: ICICI Direct

ICICI Direct has come out with its report on CarTrade Tech. The research firm has recommended to ''Subscribe'' the ipo in its research report as on August 04, 2021.

August 04, 2021 / 03:43 PM IST
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ICICI Direct IPO report on CarTrade Tech

CarTrade Tech (CTT) is a multi-channel auto platform with a presence across varied vehicle types and value-added services. Through its platforms (operated under the brand names of CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz), the company serves as an integrated online and offline marketplace for vehicle owners, dealerships, OEMs and other businesses. Its services span the gamut of automotive transaction value chain, i.e. marketing, buying, selling and financing of new and pre-owned cars, 2-W, CV and other vehicles. As of FY21, CTT had 2.6 crore monthly average unique visitors on its websites/apps (of which 88.4% were organic i.e. from unpaid sources) and featured 8.14 lakh vehicle listings on its online and offline auction platforms.

Valuation and Outlook

CTT offers a unique play on rising digitisation of new and pre-owned vehicle transaction value chain/ecosystem. Given the prevailing preference for digital platforms including the recent listings, we assign SUBSCRIBE rating to the issue for listing gains. Long term wealth generation at CTT will be a function of scalability, relevance and journey towards healthier return ratios.

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