India’s largest physical and online bidding platform for pre-owned vehicles and equipment, Shriram Automall India (SAMIL) has acquired a majority stake in Augeo Assets Management (Augeo) for an undisclosed amount. The company is a premium service provider in the asset disposal, transaction advisory and custodial services. It also conducts e-auction for diversified assets including real estate, plant and machinery, equipment, commodities, natural resources, minerals, mines, salvage/scrap/surplus and miscellaneous assets through its electronic market place 123done.in that hosts e-selling, e-procurement and e-listing services.
This acquisition fosters the vision of Shriram Automall to enter industrial auction in addition to its existing automobile industry. 123done.in gets back-up of Shriram Group and CarTrade Group’s existing relationships of public and private sector banks, NBFCs and other clientele for sourcing. Also, it is likely to exercise its services pan-India through Shriram Automall’s extensive presence all over Tier-I, -II and -III cities. It will begin a new journey for customers who are looking for transparent, organised and professional solutions for industrial equipment and commodities for a long time.
Sameer Malhotra, Director and CEO, Shriram Automall India, said, that “We are growing exponentially year-on-year basis and have been exploring new industries to add up to our existing vehicle auction business to grow multi-fold in the coming years. We found industrial equipment and commodities industries as most complimentary in the auction business, which aptly suits our 10 million customer base at Shriram Group and CarTrade Group. Thus, we found 123done.in, which is a right fit to match our vision. We are excited to find the right kind of leadership in 123done.in to be part of our growth story.”
SAMIL, an ISO 9001:2015 certified company, is India’s first ever service provider to offer a well-organised and transparent platform for exchange of pre-owned commercial vehicles, passenger vehicles, construction equipment, tractors, agricultural equipment, three wheelers and two wheelers. It is a part of Shriram Transport Finance Company (STFC), India’s largest Small Business Finance Company (SBFC) and MXC Solutions India, which runs both CarTrade.com and CarWale.com, India’s leading online auto marketplace. Every month, SAMIL conducts 3,000+ bidding events through its well-structured physical and online platforms, making it India’s largest offline and online vehicles transaction platform. The company provides online vehicle transaction services through CarTradeExchange.com, bids.samil.in and vehicle inspection and valuation facility through its 100 per cent subsidiary Adroit Auto. SAMIL has been conferred with over 20 nationally recognised awards. In a brief span of over eight years, the group has served 1,700,000+ customers by conducting 90,000+ bidding events at 85+ Automalls and 150+ bidding locations in India and transacted 1,500,000+ transactions worth 25,000+ crore. Presently, SAMIL gets over 800,000+ listing yearly on its platforms.