Mumbai-based automobile classifieds company CarTrade has converted itself from a private limited company to a public limited company via special resolution ahead of its initial public offering (IPO) this year, according to the company’s filings with the Registrar of Companies (ROC) at the Ministry of Corporate Affairs (MCA).
Special Resolution allows provisions under Companies Act 2013 to alter its conditions such as conversion of a Private Company into a Public Company.
“The name was changed and conversion from Private to Public vide Special Resolution passed by the Members at the Extraordinary General Meeting of the Company held on April 29, 2021,” read the filings. The company’s registered name is now CarTrade Tech Limited.
The documents also stated that CarTrade’s co-founder, Vinay Vinod Sanghi, will take position as Managing Director effective from March 31, 2021 till March 30, 2026.
Started in 2010, CarTrade offers its dealings across India with a strong network of more than 4000 dealers. Some of the features of CarTrade includes used car price information, certified used cars, on road dealers prices, and expert reviews that empowers buyers and sellers to choose the most suitable vehicles at the most affordable prices. Besides, CarTrade.com also runs other platforms like Carwale.com and Bikewale.com.
It also provides services like automobile inspection, valuation, certification etc through Adroit. It also owns pre-owned commercial vehicles platform Shriram Automall India, which it acquired in January 2018 at a deal of Rs 157 crore for 51 percent stake.
CarTrade is backed by the likes of American private equity giant Warburg Pincus, Singapore’s state investor Temasek, JPMorgan and March Capital Partners.
YourStory has reached out to CarTrade for a comment and will update the story as soon as we hear back from them.