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India's BuyingIQ bought by VC-backed CarDekho

  • Holden Mann
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Price comparison portal BuyingIQ has been bought for an undisclosed sum by Girnar Software, parent company of auto marketplace CarDekho, which is supported by Hillhouse Capital and Sequoia Capital.

In a statement, CarDekho said that BuyingIQ will continue to operate as a separate portal, but its founders Piyush Taneja and Saumitra Purohit will take leadership positions in CarDekho's product and technology teams. BuyingIQ's analytics software will also be used to improve CarDekho's platform.

Founded in 2012, BuyingIQ allows users to compare prices for consumer electronics across various online vendors, including Amazon, eBay, and India's Flipkart and Snapdeal. The site also aggregates product reviews and vendor ratings to help customers find the best deal. Around 1.2 million people use the service via the website and the Android app every month.

This is CarDekho's second acquisition in the past year, following its purchase of rival auto portal Gaadi.com in September 2014. The company, founded in 2008, is a car-trading platform and also provides information on car insurance and finance. It is the operator of PriceDekho, a comparison portal similar to BuyingIQ.

CarDekho raised a $50 million Series B round in January from Hillhouse and Sequoia, with the participation of Hong Kong hedge fund Tybourne Capital. Seqoia also contributed $15 million to the company's Series A round in 2013.

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