Mumbai, 1 April 2024 – In a strategic move to broaden its footprint in the pre-owned vehicle industry, Sheerdrive, a trailblazer in digital AI/ML pre-owned vehicle platforms, announced the acquisition of OTOBids, a premier online evaluation and pricing platform for commercial vehicles. This acquisition marks a significant milestone for Sheerdrive, offering it a direct entryway into the used commercial vehicles segment and reinforcing its position as a comprehensive solution provider in the used vehicle market.
The merger is set to enhance Sheerdrive’s existing product suite by integrating OTOBids’ specialized evaluation tool for commercial vehicles and tractors into Sheerdrive’s proprietary VIAR app. This enhancement promises to transform VIAR into an all-inclusive assessment tool catering to a broad spectrum of vehicles and brands within the pre-owned market.
Ravi Mehra, Founder of Sheerdrive, emphasized the strategic importance of this acquisition, stating, “Integrating OTOBids with Sheerdrive elevates our VIAR app to a new level, making it a holistic evaluation tool across key vehicle segments. This move is pivotal in our mission to deliver a seamless solution for both new and pre-owned vehicle dealers, further establishing Sheerdrive as an innovator in the automotive sector.”
In addition to the technological synergies, the acquisition brings onboard Vishwanathan Raju, Founder of OTOBids, who will join the Sheerdrive team as Director. Raju’s expertise is expected to be instrumental in the seamless integration of OTOBids’ technology with Sheerdrive’s platform, enhancing its overall functionality and efficiency.
Expressing enthusiasm about the new venture, Vishwanathan Raju said, “Joining forces with Sheerdrive opens up exciting avenues for growth and innovation. I am thrilled to be part of this journey and am confident that together, we will set new benchmarks in the automotive industry.”
Sheerdrive’s commitment to leveraging technology for revolutionizing the automotive sector is evident in its continuous innovation and expansion efforts. This acquisition is a testament to Sheerdrive’s vision of playing a crucial role in aiding new car dealers to run effective used vehicle programs and driving significant advancements in the industry.
Founded in April 2020, Sheerdrive is a pioneering digital AI/ML platform dedicated to transforming the pre-owned vehicle market. With its unique digital platform, VIAR, and a focus on automation, Sheerdrive aims to convert market opportunities into tangible business outcomes. Having secured seed capital from Group Landmark in 2020 and an additional round from Volrado Venture Fund in 2021, Sheerdrive is propelled by a team of experts committed to innovation and exceptional customer experience, boasting over 100 years of combined experience in digital auto remarketing.
