Carnation

About

Carnation is amongst India’s largest multi-brand, independent automotive services player catering to the passenger vehicle after-market space, present in over 35 cities and over 50 outlets. Founded in 2008 by Mr Jagdish Khattar, former MD and CEO of Maruti Suzuki India Limited (India’s largest passenger car company), the company has grown rapidly to become India’s largest after-market automotive services player. The company provides a complete range of after-market passenger auto solutions including car servicing, sale of pre-owned cars, car inspection service and offering warranty solutions.

Insights

Scale

Expanded from 35 outlets in 14 cities to over 50 outlets and 38 cities.

Transformation

Leveraged brand to offer business services to new verticals and accelerated expansion of consumer business through franchise.

Partnership

Engaged with the promoters for nearly seven months prior to the investment which has led to a deeply engrained partnership.

"Gaja has tremendous understanding in our domain in overseas markets as well as here in India. Having been in operating positions truly do make them better placed in supporting entrepreneurs in their quest for leadership. Gaja Capital has added critical business insights at regular intervals, and in particular, helped focus on transitioning to an asset light strategy thereby driving profitability. Gaja Capital thinks entrepreneurially and therefore helped define our go to market strategies for various new initiatives - combining a strong analytical perspective with real world insights."

Jagdish Khattar

Managing Director, Carnation

"We invested in Carnation to create India’s leading network of automobile solutions for car owners. In addition to service and pre owned car sales, the company has grown to offer certification and insurance solutions across multiple regions."