 "Cardekho")
CarDekho Group, the auto-tech solutions provider, recorded a revenue of Rs 2,331 crore in FY23, up by 46 per cent from Rs 1,600 crore in FY22. The firm said it achieved this revenue despite the shutdown of its used car retail business.
The company said that it has controlled the losses despite maintaining a steady growth whereby it recorded a loss of Rs 562 crore in FY23 against Rs 535 crore in FY22 (without adjustment of accounting gain of Rs 290 crore of exceptional one-time market-to-market gain of investments in associates; if adjusted, the reported losses were Rs 246 crore). The Group recorded significant improvement in profitability in H2 of FY23 due to benefits of operational leverage and reset of the used cars business.
The Group handles transactions worth over $2.2 billion (on an ARR basis) annualised. It has a cash reserve of over Rs 12,000 million at the group level dedicated to growth projects both organically and inorganically. A focus on optimising unit economics has also allowed the core businesses to turn Ebitda positive in the first two quarters of FY24 as well as PAT (profit after tax) or net income positive for the second quarter of FY24 in its pursuit to drive profitable growth.
"The remarkable business expansion reflects the trust placed in CarDekho Group by over 62 million users and more than 120,000 people, directly and indirectly, working with us to fulfil the mobility dreams of Bharat," said Amit Jain, co-founder and CEO of CarDekho Group.
The firm said it has been able to maintain a strong growth trajectory due to its growth engines like InsuranceDekho (an insuretech platform), Rupyy (fintech platform for used car financing) and its Southeast Asia Business (auto-tech and used car financing platform in the region). Last year, CarDekho Group discontinued its used car franchise retail and consumer-to-dealer businesses due to inviable unit economics and the strategic decision of prudent capital allocation moving towards an asset-light business model.
InsuranceDekho recorded a premium of Rs 1,900 crore in FY23 with an agent force of nearly 100,000 agents on the ground. It is present in over 1,500 cities, covering 98 per cent of pin codes across the country. It gets over 90 per cent premium from Tier-II and beyond, making insurance accessible to real Bharat. InsuranceDekho has served over 6 million customers till date and is currently insuring 12 Indians every minute. The platform raised $200 million in FY23.
Rupyy, the Group's fintech platform, has positioned itself as India's largest distributor of used car loans, achieving an annualised run rate surpassing Rs 12,000 crore across 1,500 cities as of September 2023. Rupyy has more than 35 banks and NBFCs as financing partners and nearly 12,000 channel partners. It provided its services to over 150,000 customers in FY23.
