CarDekho Group
| Company type | Private |
|---|---|
| Industry | Automotive e-commerce |
| Founded | 2008 |
| Founders |
|
| Headquarters | Jaipur, Rajasthan, India |
Key people | Amit Jain (CEO) |
| Website | www |
CarDekho Group is an Indian technology company headquartered in Jaipur, Rajasthan, that operates digital platforms for automotive sales, reviews, insurance, and financing.[1] Its platforms include CarDekho, BikeDekho, Gaadi.com, Zigwheels, PowerDrift, InsuranceDekho, Rupyy, and Revv.[2] The company also operates in Indonesia, the Philippines, and the United Arab Emirates.[1]
History
[edit]CarDekho was founded in 2008 by Amit Jain and Anurag Jain in Jaipur, Rajasthan.[3] The idea for CarDekho emerged after the founders attended the 2008 Auto Expo in Delhi. Initially, the platform was launched as an online portal providing car reviews, specifications, and price comparisons for buyers and sellers.[4][5]
Before founding CarDekho, the Jains had established GirnarSoft in 2006,[6] a software solutions and outsourcing company that later became the parent company of CarDekho and its associated platforms.[7] The company later introduced insurance services through InsuranceDekho and fintech solutions via Rupyy.[8] Other platforms under the group, including BikeDekho, ZigWheels, and PowerDrift, focus on two-wheelers and automotive content.[2] In May 2020, CarDekho laid off 200 employees following the impact of the COVID-19 pandemic on the automobile sector.[9]
Expansion and acquisitions
[edit]In 2013, CarDekho acquired Gaadi.com, a used car platform owned by Ibibo.[10] In 2015, the company acquired Times Internet's ZigWheels,[11] an automotive content and review platform.[12] CarDekho expanded further by acquiring PowerDrift, an automotive video and review platform, in 2018.[13]
The company's international expansion began in 2016 when it entered the Indonesian market under the OTO.com brand.[14] In 2019, it acquired Carmudi, a Philippines-based online car classifieds platform.[15] ZigWheels was later launched in the UAE, Malaysia, and the Philippines.[1] That same year, CarDekho partnered with 5,000 dealerships across India and collaborated with over 10 financial institutions to support used car financing.[16] In 2023, CarDekho acquired a controlling stake in Revv, a shared mobility platform.[17]
Funding and valuation
[edit]CarDekho secured its first funding in 2013 through a Series A round of $15 million, led by PeakXV (formerly Sequoia Capital India & SEA). This was followed by a Series B round in 2015, in which the company raised $50 million from investors, including Ratan Tata, Hillhouse Capital, Tybourne Capital, and Sequoia Capital.[18][16]
In 2018, CarDekho raised $110 million in a Series C funding round, with participation from Axis Bank and other investors.[16] The company secured $70 million in a Series D round in 2019, with investment from the Ping An Global Voyager Fund, an arm of Ping An Group.[19][20] In October 2021, CarDekho closed its Series E round with a $250 million pre-IPO round led by LeapFrog Investments, reaching a valuation exceeding $1 billion.[21][22] As of 2021, CarDekho had raised approximately $497.5 million in funding.[23] As of February 2024, CarDekho was reportedly valued at approximately $1.2 billion (around ₹9,960 crore), according to media reports.[24]
References
[edit]- ^ a b c Dhanjal, Swaraj Singh (4 November 2024). "CarDekho, co-promoted by Shark Tank India's Amit Jain, in talks to appoint i-banks for up to Rs 4,000-cr IPO". Moneycontrol. Archived from the original on 30 December 2024.
- ^ a b Ghosh, Shrabona (16 September 2023). "CarDekho: Built With Precision". Entrepreneur.
- ^ M, Sriram (5 December 2019). "CarDekho raises $70 mn in round led by Ping An". Mint.
- ^ Sharma, Samidha (9 February 2015). "Ratan Tata invests in CarDekho". The Times of India. ISSN 0971-8257.
- ^ "CarDekho posts 81% revenue growth in FY22". The Times of India. 4 January 2023. ISSN 0971-8257.
- ^ S.H., Salman (1 December 2017). "CarDekho parent Girnar Software posts 32% rise in revenue". LiveMint. Archived from the original on 15 March 2018.
- ^ Singh, Rajiv (16 November 2021). "Small To Mall: How CarDekho Is Giving A New-car Experience To Used-vehicle Buyers". Forbes India.
- ^ Sood, Naina. "IPO-bound CarDekho's fintech arm Rupyy to enter into personal-loan segment". Moneycontrol. Archived from the original on 31 March 2024.
- ^ Soni, Yatti (5 November 2022). "CarDekho moves to 'operation from yards' model to achieve better unit economics". BusinessLine.
- ^ "Cardekho Acquires Ibibo Group Owned Gaadi.com". Inc42 Media. 30 September 2014.
- ^ Team, DNA Web. "Online auto classifieds portal CarDekho.com to acquire Zigwheels". DNA India.
- ^ Reporter, BS. "Cardekho completes Zigwheels acquisition". Archived from the original on 4 February 2017.
- ^ Paul, Bino (16 August 2018). "CarDekho parent Girnar Software acquires YouTube channel PowerDrift". VCCircle.
- ^ Variyar, Mugdha (13 October 2021). "CarDekho turns unicorn with $250 million fundraise - CNBC TV18". CNBCTV18.
- ^ Bhalla, Kritti (28 November 2019). "CarDekho Acquires Carmudi Philippines To Expand To Southeast Asia". Inc42 Media.
- ^ a b c Soni, Sandeep (3 January 2019). "Ratan Tata and Google Capital-backed CarDekho secure $110 million from Sequoia and others". Financialexpress.
- ^ "CarDekho Group acquires majority stake in Revv". BusinessLine. 1 December 2023.
- ^ Ambre, Ashna (29 January 2015). "CarDekho.com raises $50 million from Hillhouse Capital, others". Mint.
- ^ Dash, Sanchita (5 December 2019). "Indian auto marketplace CarDekho raises $70 million as it makes overseas bets". The Economic Times. ISSN 0013-0389.
- ^ "Cardekho raises $70 million in Series D funding from Chinese, European investors". BusinessLine. 5 December 2019.
- ^ "CarDekho becomes Jaipur's first unicorn, raising $250 million funding". BusinessLine. 13 October 2021.
- ^ Malik, Bismah (13 October 2021). "CarDekho turns unicorn; raises $250 million in pre-IPO round led by LeapFrog Investments". Business Today.
- ^ "CarDekho Success Story –2 IT Guys Launched India Biggest Car". Business Connect Magazine. 24 August 2023.
- ^ "IPO-bound CarDekho cuts losses by 40%, revenue jumps 54% in FY24". Financialexpress. 28 November 2024.