Innovative Mobility Startup Demonstrates Resilience, Reporting 54% Revenue Increase and Significant Loss Reduction in Fiscal Year 2024
In a landmark development for the Indian mobility and technology ecosystem, CarDekho Group has reported a transformative financial performance for fiscal year 2024, showcasing remarkable strategic pivot and operational excellence. The Gurugram-based startup, founded by Amit and Anurag Jain, has not only weathered challenging market conditions but emerged with a compelling narrative of diversification, technological innovation, and sustainable growth.
The company’s financial results reveal a nuanced story of strategic transformation. While net revenue experienced an 11% fall, the group simultaneously reported a substantial 54% revenue increase when adjusted for discontinued used car sales. This strategic recalibration underscores the company’s agile approach to market dynamics and its commitment to sustainable business model evolution.
CarDekho’s most significant achievement in FY24 is its milestone of standalone profitability. For the first time since its inception, the company posted a profit of Rs 37 crore before exceptional items, a dramatic improvement from the previous year’s loss of Rs 143 crore. Consolidated losses also substantially narrowed to Rs 340 crore from Rs 562 crore in the preceding fiscal year, signaling a robust recovery and strategic realignment.
The group’s diversified portfolio has been instrumental in driving this remarkable performance. InsuranceDekho, the company’s insurtech arm, emerged as a standout performer, recording Rs 3,000 crore in premium and expanding its network to 150,000 agents across 1,500 cities. This extensive coverage, spanning 98% of India’s pin codes, enabled the platform to serve over 9 million customers, effectively insuring an average of 21 individuals per minute.
Rupyy, the group’s fintech platform focused on auto financing, maintained a competitive 15% market share and achieved an impressive annualized run rate exceeding $2 billion. By establishing partnerships with 36 banks, Rupyy has significantly enhanced auto financing accessibility nationwide. The auto vertical continues to demonstrate strong organic growth, attracting 60 million monthly users and underscoring the group’s robust digital ecosystem.
Strategic capital infusion has been crucial to CarDekho’s growth trajectory. The group secured $80 million in growth capital during the year, maintaining a robust balance sheet with Rs 1,600 crore in cash reserves. These resources have enabled strategic investments in technology-driven mobility solutions, including the acquisition of Revv, a shared mobility platform, and investments in fleet management startup Carrum.
The company’s commitment to innovation extends beyond financial metrics. By funding Girnar AI Innovations Lab and BiUP Technologies, CarDekho is positioning itself at the forefront of AI-driven mobility solutions. The launch of TractorsDekho in May 2024 further demonstrates the group’s strategic expansion into new market segments.
For the Tamil Nadu startup ecosystem, CarDekho’s performance offers several critical insights. It showcases the potential for sustainable growth through diversification, technological innovation, and strategic capital management. The group’s success highlights the importance of building resilient, multi-vertical business models that can adapt to rapidly changing market conditions.
Beyond financial performance, CarDekho has distinguished itself through a strong commitment to sustainability. The company aims to achieve carbon neutrality by 2050 under the UN framework and aligns with over five UN Sustainable Development Goals. This approach resonates with a growing trend of purpose-driven entrepreneurship in the Indian startup landscape.
Supported by a prestigious investor consortium including Peak XV, Hillhouse Capital, CapitalG, Ratan Tata Trust, Leapfrog, and major banks like HDFC, ICICI, and Axis, CarDekho represents a compelling narrative of innovation, resilience, and strategic vision in the Indian mobility and technology sector.
