Online second-hand car trading platform Shriram Automall (Samil) has acquired India-based peer BlueJack for an undisclosed sum, allowing digital media company Quintillion Media to exit, the Economic Times has reported.
Founded in 2016, BlueJack operates an online marketplace where users can sell their used vehicles remotely. It had evaluated approximately 10,000 cars and conducted 2,500 transactions, and it is set to become a fully-integrated division of Samil within the first half of this year.
The company raised $247,000 in seed funding from Quintillion Media and undisclosed angel investors in October 2017 before adding $978,000 six months later in a pre-series A round led by WaterBridge Ventures that included Singapore Angel Network, according to TechCircle.
Samil chief executive Sameer Malhotra said: “Together, we believe we can offer the best auction experience for our Indian market with innovative technology.”
Manish Kheterpal, managing partner of WaterBridge Ventures, added: “Synergies between Samil and BlueJack are highly compelling, and together they would be a formidable force in this rapidly growing used cars industry.”
