Avendus Advises the Shareholders of Carwale in the Divestment of Majority Stake to Axel Springer AG and India Today Group.

CarWale is, by audience measures, India’s single largest media vehicle focused on the automotive segment across all media – TV, print or online. Over 1.3 million people visit www.carwale.com every month, and 15% of all of India’s car buyers research their purchase on CarWale. CarWale also attracts 35% of all of India’s online used car listings, and owns India’s first and most credible Used Car Price Book.

Axel Springer AG is one of Europe’s leading multimedia corporations and owners of AUTO BILD, the world’s largest selling automotive magazine with sales of over 7 million copies every month. Established in 1946, today they are present in 36 countries, owning 230 newspapers and magazines and 80 online offerings.

The India Today Group is India’s largest magazine publisher and owner of the leading Indian news channel AAJ TAK. With interests in areas as diverse as television, printing, publishing, radio, events, music, public welfare and education, the India Today Group is one of India’s largest and most credible corporate houses.