CarDekho Q1 revenue up 92% at $13 mn
Jaipur-based automotive ecommerce platform CarDekho registered revenue growth of 92% in the first quarter of FY 2019-20 compared to the same quarter last year, a statement issued by the startup said.
Revenue stood at $13 million (around Rs. 92.06 crore at the current exchange rate) for the first quarter of this financial year.
Used car transactions continued to drive revenue as it posted a year-on-year growth of 263%. CarDekho’s new car division recorded 44% growth, the statement added.
CarDekho did not provide details about gross expenditure and net losses in its statement.
The insurance and warranty division reported a growth of nearly 600%. The company forayed into the insurance business in June with the launch of InsuranceDekho.
Oto.com, a joint venture between CarDekho’s parent company GirnarSoft and PT Kreatif Media Karya, reported a revenue increase of 213%.
CarDekho has expanded the network of its brick-and-mortar stores with 48 CarDekho Gaadi stores across 11 cities in India, the statement said.
CarDekho has partnered with French automobile manufacturer Citroen to develop a digital omni-channel experience interface for pre-owned car customers in India. It has also partnered with British carmaker Morris Garages to buy back units of the latter’s sports-utility-vehicle (SUV) called Hector.
CarDekho was founded in 2008 by Anurag Jain and Amit Jain as a unit of information technology company Girnar Software. Aside from Gaadi.com and InsuranceDekho.com, the automotive platform operates portals like ZigWheels, BikeDekho, PowerDrift, TyreDekho and TruckDekho.
The platform has raised funding from Google Capital, Tybourne Capital, Hillhouse Capital, HDFC Bank and Times Internet.
In January, CarDekho concluded its Series C round, led by Sequoia Capital and Axis Bank.
The CarDekho group saw its revenues rise by 62% to $37.54 million for the preceding financial year.
In a move to consolidate growth, top-tier hires were made to strategic positions in the CarDekho group in May.