CarDekho Group achieves 54% revenue growth in FY24

CarDekho Group reported a net revenue of Rs 2,074 crore in FY24, a 54% increase from Rs 1,347 crore in FY23 (adjusted for discontinued used car sales). The growth was largely attributed to the diversified portfolio of the group, driven by its insuretech arm, InsuranceDekho, and fintech platform, Rupyy.

CarDekho posted standalone profitability for the first time, with a profit of Rs 37 crore (before exceptional items) in FY24. This was a significant improvement from a loss of Rs 143 crore in FY23. Consolidated losses also reduced to Rs 340 crore, compared to Rs 562 crore in the previous fiscal year.

The Group secured $80 million in growth capital during the year, maintaining a strong balance sheet with Rs 1,600 crore in cash reserves. These resources supported its investments in technology-driven and sustainable mobility solutions, including the acquisition of Revv, a shared mobility platform, and an investment in fleet management startup Carrum.

CarDekho also advanced its focus on AI-driven mobility by funding Girnar AI Innovations Lab and BiUP Technologies.

InsuranceDekho recorded Rs 3,000 crore in premium in FY24, with a network of 150,000 agents operating across over 1,500 cities, covering 98% of India’s pin codes. It has served more than 9 million customers, insuring an average of 21 individuals per minute.

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Rupyy, the Group’s used car financing platform, retained a 15% market share, achieving an annualised run rate of over $2 billion. With partnerships across 36 banks, Rupyy enhanced accessibility to auto financing nationwide.

CarDekho’s auto vertical continued to grow, attracting 60 million monthly users, with 90% of traffic generated organically. In May 2024, the Group launched TractorsDekho to tap into new market segments.

Founded in 2008 by Amit and Anurag Jain, CarDekho operates across insuretech (InsuranceDekho), fintech (Rupyy), shared mobility (Revv), and auto content portals such as CarDekho.com, BikeDekho, ZigWheels, and PowerDrift. Committed to sustainability, the company aims to achieve carbon neutrality by 2050 under the UN framework and aligns with over five UN Sustainable Development Goals.

It is supported by investors including Peak XV, Hillhouse Capital, CapitalG, Ratan Tata Trust, Leapfrog, HDFC Bank, ICICI Bank, and Axis Bank.