Focusing its digital growth strategy, Axel Springer SE is selling its majority stake in CarWale, a leading automotive portal in India, to CarTrade, a leading online used car classifieds portal in India. Closing is expected to take place over the coming weeks.

Ralph Büchi, President International Axel Springer SE: "In recent years, CarWale has been very successful and become a market leader. As part of our portfolio management, we regularly examine future growth perspectives for our investments. Through the merger with CarTrade, we are facilitating reasonable market consolidation and, at the same time, are multiplying our invested capital in a highly competitive market. We are delighted to have been part of CarWale's growth story and would like to thank Mohit Dubey and his team for the successful collaboration."

Source: Axel Springer