CarDekho
Overview
CarDekho is India's premier digital automotive solutions provider, enabling users to research, compare, and purchase new and used cars. Founded in 2008 by brothers Amit Jain and Anurag Jain in Jaipur, Rajasthan, the company has raised a total of $692.1 million from investors including Sequoia Capital, Google Capital, and Ratan Tata. It has expanded operations into Southeast Asia and diversified into related sectors like insurance and fintech through its subsidiary ventures like InsuranceDekho and Rupyy.
Recent Developments
In recent years, CarDekho has made significant strides in expanding its business portfolio and geographic presence. Notable developments include:
- IPO Plans: CarDekho is preparing for an Initial Public Offering (IPO) expected next year, with a target to raise $500 million. This signifies the company’s ambition to further solidify its market presence and fuel expansion plans.
- Expansion into EV Financing: CarDekho’s fintech arm, Rupyy, has ventured into electric vehicle (EV) financing, collaborating with several EV manufacturers and multi-brand outlets to offer accessible loans for electric vehicles.
- Merger and Acquisitions: In December 2023, CarDekho acquired Revv, marking its entry into the shared mobility ecosystem. This strategic move aims to cater to the evolving needs of Gen-Z customers.
- Financial Performance: The company reported a 46% increase in revenue for the fiscal year ending March 2023, reaching Rs 2,408.41 crore while narrowing losses to Rs 565.96 crore.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2008 |
| Headquarters | Jaipur, Rajasthan, India |
| Founders | Amit Jain, Anurag Jain |
| Revenue | ₹2408.41 Cr (FY 2022-23) |
| Profits | -₹565.96 Cr (FY 2022-23) |
| Key Investors | Sequoia Capital, Google Capital, Ratan Tata, HDFC Bank, Tybourne Capital, Hillhouse Capital, Times Internet, LeapFrog Investments |
| Industry | Automotive, Fintech, Insurtech |
| Number of Employees | Over 2,280 |
Early History
CarDekho was established in 2008 after Amit and Anurag Jain visited the Delhi Auto Expo and realized the potential to streamline the car buying process in India. Starting from a garage, they laid the foundation of CarDekho with the vision to make car purchases more transparent and convenient. Initial efforts were focused on building a comprehensive platform for car research, which soon gained traction and led to the inclusion of various innovative features and partnerships with auto manufacturers and dealers.
Company Profile and Achievements
CarDekho operates as a comprehensive online platform specializing in new and used car sales. Its business model revolves around providing detailed automotive content, including expert reviews, specifications, prices, and comparison tools. Major achievements include:
- Innovative Features: Introduction of the “Feel The Car” tool, offering 360-degree views, sound, and video explanations of car features.
- Expansion: Establishing presence in Southeast Asia through platforms like Zigwheels.ph and Oto.com, and entering the insurance market with InsuranceDekho.
- Funding: Securing $250 million in 2021, which led to its Unicorn status, valuing the company at $1.2 billion.
- Awards: Recognized as the 'Best Automotive Website' multiple times, along with accolades for substantial growth and technological innovation.
Current Operations and Market Position
CarDekho stands as a leading player in India’s automotive market, offering services that encompass all stages of the car buying process. The company has a robust market presence, facilitated by strategic partnerships with over 4,000 car dealers and numerous financial institutions. Its key competitive advantages include a comprehensive digital platform, innovative technology integration such as AI and ML, and customer-centric services. CarDekho is also actively working on expanding its fintech capabilities through Rupyy and broadening its market reach in Southeast Asia and the Middle East.
Conclusion
CarDekho has emerged as a significant player in the digital automotive space in India, known for its comprehensive platform and customer-centric innovations. With its forthcoming IPO, ongoing expansion into new markets, and continuous enhancement of service offerings, CarDekho is poised to further cement its position as a leader in the automotive and fintech sectors, potentially redefining personal mobility solutions on a global scale.