SUMMARY
- CarDekho Group’s net revenue was Rs 2,074 crore for FY24, marking a 54% rise from Rs 1,347 crore in FY23.
- For the first time, CarDekho achieved standalone profitability, reporting a profit of Rs 37 crore.
- Consolidated losses also dropped to Rs 340 crore from Rs 562 crore in the same period.
CarDekho Group‘s net revenue was Rs 2,074 crore for FY24, marking a 54% rise from Rs 1,347 crore in FY23 (adjusted for discontinued used car sales). This growth was primarily due to the group’s diverse portfolio, primarily the insurtech division, InsuranceDekho, and its fintech platform, Rupyy.
For the first time, CarDekho achieved standalone profitability, reporting a profit of Rs 37 crore (before exceptional items) in FY24, a turnaround from a loss of Rs 143 crore in FY23. Consolidated losses also dropped to Rs 340 crore from Rs 562 crore in the same period.
The Group raised $80 million in growth capital with cash reserves of Rs 1,600 crore in FY24. These funds facilitated investments in technology-driven and sustainable mobility initiatives, such as the acquisition of shared mobility platform Revv, and in fleet management startup Carrum.
CarDekho also put focus on AI-powered mobility by investing in Girnar AI Innovations Lab and BiUP Technologies.
InsuranceDekho achieved Rs 3,000 crore in premiums for FY24, supported by a network of 150,000 agents across more than 1,500 cities, covering 98% of India’s pin codes. The platform has served over 9 million customers, providing insurance to an average of 21 individuals every minute.
Used car financing platform Rupyy maintained a 15% market share and reached an annualized run rate exceeding $2 billion. With partnerships with 36 banks, Rupyy improved access to auto financing across the country.
The auto vertical of CarDekho attracted 60 million monthly users, with 90% of this traffic generated organically. In May 2024, the Group introduced TractorsDekho to explore new market segments.
Founded in 2008 by Amit and Anurag Jain, CarDekho spans multiple sectors including insuretech (InsuranceDekho), fintech (Rupyy), shared mobility (Revv), and auto content portals such as CarDekho.com, BikeDekho, ZigWheels, and PowerDrift.
Dedicated to sustainability, the company targets carbon neutrality by 2050 under the UN framework and aligns with over five UN Sustainable Development Goals. Peak XV, Hillhouse Capital, CapitalG, Ratan Tata Trust, Leapfrog, HDFC Bank, ICICI Bank, and Axis Bank are among its backers.
