CarDekho Announces 92% Growth in Q1 FY20
CarDekho also continues its strong growth in International Markets with the Indonesia business, OTO.com growing 213% during the same period
CarDekho, announced its Q1 results for the financial year 2019-20. The company recorded a massive revenue growth of 92% in its overall business compared to the same quarter last year. While revenue from used car transactions services continued its remarkable journey and posted 263% y-o-y growth, the new auto division also achieved a remarkable growth of 44%. Riding against the industry performance, where new auto sales are dipping, CarDekho has maintained an impressive growth trajectory. The Q1 revenue of the company stood at $13 million.
CarDekho accomplished a very strong year-over-year growth in its individual business segments where the Used Cars business soared 90% while New Auto business grew 44% during a bleak industry environment where new auto sales continued the downturn over the past year. Additionally, Insurance & Warranty business grew by 583% with Financial Services business demonstrating a growth of 58%. CarDekho also continues its strong growth in International Markets with the Indonesia business, OTO.com growing 213% during the same period.
CarDekho group is an auto tech company founded in 2008. Headquartered in Jaipur, 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.
Mr. Amit Jain, Co-founder and CEO, CarDekho group said, “It is heartening to see the numbers we have achieved this quarter. Despite the fact that entire auto industry is facing great headwinds, our business models have delivered strong results giving the best value for money to our customers. The investments made in used car transactional business and Insurance & Warranty business have resulted in a robust growth of 263 percent and 583 percent respectively. After digitizing the entire auto ecosystem and becoming the only full-stack auto tech company, we now aim to be the personal mobility partner of India and this quarter results just prove that we are moving in the right direction.”
During this quarter, CarDekho launched InsuranceDekho that has already reached an annualized run-rate of 11k+ policies in the three months since launch. Furthermore, the company has fortified its leadership position in the New Auto space, becoming almost twice as large as the next biggest player. The company expanded its total CarDekhoGaadi stores count to 41 with new launches in Pune, Jaipur and Lucknow. Currently, there are 48 CarDekho Gaadi Stores in 11 cities. CarDekho has partnered with Citroen (PSA) to develop a seamless AnyTime, AnyWhere, AnyDevice, AnyContent (ATAWADAC) digital experience for used car customer in India. It also partnered with Morris Garages for assured buyback for the MG Hector. Additionally, the company has entered into a partnership with Axis Bank to leverage operational synergies between CarDekho’s digital platforms and Axis’ financial products.
CarDekho has raised funding from marquee investors, which include Sequoia India, Hillhouse Capital, CapitalG (formerly known as Google Capital), Tybourne Capital, HDFC Bank, Axis Bank, Times Internet, Ratan Tata, and Trifecta.
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