CarDekho Gaadi opens seven stores in Mumbai and is in a fission mode
After opening 50 stores in eight cities in the past three months, Cardekho Gaadi claims to add 200 more to the list by 2020.
CarDekho Gaadi store, a retail auction model for pre-owned cars, today launched 7 stores in Mumbai. The opening of these stores is a part of an ambitious move by CarDekho to establish 200 Gaadi stores across India by 2020. It already has 49 stores in Delhi-NCR, Bangalore, Jaipur, Pune, Lucknow, Ahmedabad, Hyderabad, Karnal and Mumbai’s expansion marks the milestone 50th store within three months for CarDekho Gaadi. CarDekho has targeted to invest Rs 200 crores in the expansion of its Gaadi stores. To date, it has already invested Rs 50 crore to bring quick and wholesome solutions for customers at the stores.
Mumbai, the financial hub of India attracts people from across the country/globe, with more younger population migrating in there, it is witnessing a surge in car sales. Further as per the reports, the pre-owned car market in India has continued to grow over the past year and is now larger than the new car market. This has created a positive market opportunity in this segment and enabled/ empowered Cardekho to open 7 stores in the city. CarDekho Gaadi stores also help customers with RC transfer, loan closure assistance, instant money transfer, and scientific car inspection. In the Q1 of FY19-20, CarDekho posted 263% y-o-y growth in its used car transaction services; the revenue of the company stood at 13 million.
Mr. Vibhor Sahare, co-founder & CEO Gaadi.com said,
“It’s a proud moment for us that we have opened our milestone 50th store in Mumbai. We have been receiving a phenomenal market response at our CarDekho Gaadi stores across regions and we are excited to foray into Mumbai which is an important market for us. The company’s fast-paced expansion is a testimony of our right strategy meeting customers’ needs. Our aim is to be able to buy 14000-15000 cars each month by the end of this financial year. With this launch, we have further deepened our root in the used car ecosystem of Maharashtra and now are here to provide ease of selling and buying used cars for our Maharashtrian customers. We will continue to invest our time and energy in building a trusted platform for selling used cars in India.”
According to a study by McKinsey & Company, the used-cars segment will continue to grow in India. It has already become Asia's third-largest car market. Besides, due to the growing focus on the lifespan of cars and stricter norms on emissions and safety, and the upcoming launch of multiple electric cars, people are wary of purchasing new vehicles. To talk numbers, in the last fiscal year, 4 million second-hand cars were bought and sold in India.
The Society of Indian Automobile Manufacturers (SIAM), in a similar forecast, states that market growth will increasingly be driven by rising penetration of online platforms such as Cardekho Gaadi, which enable used car dealers to reach larger audiences.
About CarDekho Group:
CarDekho group is one of India’s leading auto tech company founded in 2008. Headquartered in Jaipur, the CarDekho group has successfully digitized the entire Indian auto ecosystem. The group currently operates various leading Indian Auto sites such as CarDekho.com, Gaadi.com, ZigWheels.com, BikeDekho.com, and PowerDrift.com. It has recently launched its online insurance portal InsuranceDekho.com offering services in motor and health insurance and CarDekho Gaadi stores as the one-stop destination for selling pre-owned cars. The group also pioneers in specialized portals like TyreDekho.com and TrucksDekho.com. In a span of 11 years, the company has seen a phenomenal uptake and is now recognized as the largest automotive video content player with 2 million+ YouTube subscribers, the largest consumer-facing digital destination with 41 million monthly unique visitors, and the largest auto social media platform in the country. In 2016, the company expanded its presence in Indonesia under the brand name OTO; which has become the number one auto site in less than 2 years of its launch. CarDekho has raised funding from marquee investors which includes Sequoia India, Hillhouse Capital, CapitalG (formerly known as Google Capital), Tybourne Capital, HDFC Bank, Axis Bank, Times Internet, Ratan Tata, and Trifecta.
