CarDekho acqui-hires auction portal Carbiqi

Automobile portal CarDekho has acqui-hired used cars platform Carbiqi to mark its foray into the auction model, according to a media report. The stock deal was signed a couple of weeks ago and the Carbiqi team will soon join CarDekho’s used cars setup in Gurugram, Entrackr reported. 

The companies had been in talks for two months before striking the deal, the report stated citing people in the know. Under the auction model, CarDekho will buy cars from consumers. Dealers will subsequently bid for the inventory in a competitive process. Cars24 follows a similar model. CarDekho declined to comment while e-mail queries sent to Carbiqi did not elicit a response till the time of publishing this report.

Founded by Akansh Sinha and Anubhav Deep in 2015, Carbiqi has four stores in Delhi-NCR. The Carbiqi team previously worked in the automotive services space under the brand name of ServX.