The website Car Advice that started as a blog about cars ten years ago, has approved its takeover by Channel Nine for a whopping $35 million, News Corp Australia reported.
21-year-old Albroz Fallah had started it in 2006 from a spare room in his parents’ house with an investment of just $35 to register the domain name.
In the beginning, Mr. Fallah tried three different topics for blogging. As the car blog started getting traffic, his ad revenue began too, which started with a meagre $10 a day. Over the next few months, it grew to $100 a day, and that’s when he tried other forms of advertising. He worked in a full-time job while establishing his blog.
As the blog grew into a full-blown website, it received phenomenal traffic and millions of dollars in ad revenue. It’s annual revenue is estimated to be $15 million.
As he quit his full-time job to focus only on his start-up, having received investments from a few investors, Mr. Fallah rejected a few million-dollar buy-out offers.
Car Advice’s shareholders voted to accept an offer from Nine Digital in a meeting in Sydney on Thursday. Son of migrants from Iran, Mr. Fallah is the largest shareholder with a 25 per cent share in the business.
News Corp Australia reported that the founders and staff will be retained for at least three years.
For more news and updates, follow SBS Punjabi on Facebook.
More from SBS Punjabi
Adelaide offers free study tour of Australia to Indian students
