CarDekho Group, an IPO-bound Autotech business, announced on Thursday that its net sales increased 54% to Rs 2,074 crore in FY24 from Rs 1,347 crore in FY23, while its consolidated losses decreased 39.5 per cent to Rs 340 crore in FY2023–24 from Rs 562 million in FY23. With a portfolio that includes fintech, auto media, insure tech, and foreign enterprises, the company claimed that its financial platform, rupyy, and insuretech arm, InsuranceDekho, were the main drivers of the expansion.
CarDekho claimed that it has decreased its losses from a loss of Rs 143 crore in FY23 to about Rs 37 crore (before extraordinary items) in FY24 as a result of its first full-year independent profitability. “The group is strategically positioned to invest in creating a technology-driven and sustainable future backed by a profitable parent company, fully funded large-scale businesses, and a robust balance sheet with a cash reserve of Rs 1,600 crores,” the statement read.
Neelesh Talathi, Group CFO of CarDekho Group, discussed the company’s FY24 results and stated that it targeted M&A activities, such as the acquisitions of Revv and Carrum, and made investments in cutting-edge technologies like BiUP and Girnar AI Innovations Lab, in order to strategically grow its portfolio.
He stated, “These accomplishments not only solidify our leadership position in the market but also reaffirm our readiness for an IPO and dedication to providing long-term value to all stakeholders.” The group purchased the shared mobility platform Revv and raised $80 million in expansion capital in FY24. To support its sustainable mobility portfolio, it made a strategic investment in Carrum, a startup providing fleet management services, in September of this year.
Supported by investors including Hillhouse Capital, CapitalG, Ratan Tata Trust, Leapfrog (an ESG-focused investment fund), HDFC Bank, ICICI Bank, Axis Bank, and Peak XV (Sequoia), the company asserted that it continued to lead the Autotech market and handled over $3 billion in transactions annually on an annual run rate (ARR) basis.
CarDekho most recent investment round, which raised $250 million in October 2021, consisted of $50 million in debt and $200 million in Series E stock. The firm was valued at $1.2 billion, making it a unicorn thanks to the cash inflow. According to research released earlier this year by Volkswagen’s Das WeltAuto, the used automobile market in India is expected to expand at a compound annual growth rate (CAGR) of 21%, reaching 8.2 million units by FY25 from 3.2 million units in FY21 and 5.4% in FY23.
