New Delhi, 04 January 2023: CarDekho, India’s leading auto-tech group, announced results for the financial year 2021-2022. The group registered an impressive 81 per cent growth in consolidated revenue from operations, increasing to INR 1,598 crore in FY22 from INR 884 crore in 2021. The total expenses of the group increased by 70 per cent thereby signifying a strong operating leverage. There was also an exceptional item towards recognition of mark-to market value due to conversion of a subsidiary into an associate company. The group narrowed its total losses by 28 per cent, to INR 246 crore in FY22 from INR 341 crore in FY21.
CarDekho Group, which is the leading auto ecosystem player in India, enables buying and selling cars and bikes including EVs, information and research, insurance broking and financing for cars, bikes and EVs saw significant growth across all its business segments in FY22. The group registered over 50mn unique monthly visitors, generated over 9mn leads, helped issue 16 lakh insurance policies and facilitated disbursal of over 1 lakh auto loans in FY22.
On the strength of its tech stack and strategic approach, CarDekho group has also replicated the success story in used car finance markets of South East Asian region. Its current international operations, spread across Indonesia, Malaysia and Philippines, is gaining significant traction.
The group has significant war chest of over INR 1,000cr net cash and has a clear path to achieve profitability by FY24. It enables the group to sustain the growth and empower the futuristic projects to meaningfully contribute towards the ever evolving Indian auto ecosystem.
Amit Jain, Co-founder and CEO, CarDekho Group, said, “We derive our strength from our unwavering customer centricity. CarDekho Group benefits from its ecosystem play built on robust tech-stack with offerings designed around addressing specific needs of the consumers around mobility. The stellar business growth is a testament to the trust reposed in CarDekho Group by over 50 million visitors, over 5,000 used car loan agent partners, more than 50,000 insurance partners in over 1300 cities, more than 3,500 used car dealers as at March 2022. The group has successfully leveraged its house of brands strategy, operating through multiple brands such as CarDekho, BikeDekho, InsuranceDekho, Rupyy, Zigwheels etc. Our multiple business lines create opportunities for us to be present across several touch points in the consumer experience journey by offering end to end digital solutions. We are confident that for the years to come our home grown insuretech and fintech solutions, InsuranceDekho and Rupyy respectively will remain strong growth engines contributing to a significant profit pool.”
Mayank Gupta, Group Chief Financial Officer, CarDekho Group mentions “The group continues to focus on driving profitable growth coming from the benefits of operating leverage, continuous focus on improving unit economics across all our business lines and implementing technology led innovations across the platforms. The group has a clear path to turn profitable at a consolidated level by FY24.”
On the group’s IPO plans, Mayank mentions “We believe that public listing will be one of the key milestones in our journey and we are definitely evaluating it subject to requisite approvals and conducive market conditions. We are already preparing for our listing journey by aligning our activities across 3 clear workstreams – maintaining highest corporate governance standards, focusing on sustainability and charting out clear path to profitability with long-term value creation for all our stakeholders.”