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CarDekho Q1 revenue up 92% at $13 mn
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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.
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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%.
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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.
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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.
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In a move to consolidate growth, top-tier hires were made to strategic positions in the CarDekho group in May.