Media conglomerate Times Group has acquired a stake in India-based web services provider Girnar Software as part of its divestment of online automotive marketplace Zigwheels to the company, E27 reported on Monday.
The precise terms of the deal have not been disclosed. Zigwheels offers a range of services to drivers including a marketplace for new and used vehicles, a loan and insurance product comparison guide, and news and reviews sections.
Girnar, which raised $50m from Hillhouse Capital, Tybourne Capital and Sequoia Capital in January 2015 at a $300m valuation, will establish Zigwheels as a separate business within its portfolio, which already includes transport-focused portals CarDekho, BikeDekho and TyreDekho.
Girnar purchased Gaadi from media company Naspers last month to increase its market share in the used cars sector.
Satyan Gajwani, chief executive of Times Internet, said: “We are excited to be partnering with an exceptional management team which has built great value and we are confident will continue to blaze trails in the years to come.”