The increase in the company’s revenue was primarily driven by growth in its insurance marketplace InsuranceDekho, fintech platform Rupyy, and its southeast Asia business.
During FY23, the Peak XV Partners-backed CarDekho ceased its retail used-car sales business and consumer-to-business (C2B) vertical citing unviable unit economics. The company currently operates as a marketplace for used cars by connecting buyers and sellers. On October 25, listed used-car platform CarTrade Tech also announced that it was shutting down the C2B auto transaction vertical of its subsidiary Sobek Auto, which it acquired in August.
Founded in 2008, CarDekho group has nearly 62 million monthly active users (MAU). The core business recorded an operating profit (positive earnings before interest, taxes, depreciation and amortisation—Ebitda) in the first two quarters of the ongoing fiscal with a net profit in the second quarter, the company said. The group expects a revenue increase of over 60% in the current financial year, it added.
Insurance marketplace InsuranceDekho, launched by CarDekho in 2017, recorded a premium of Rs 1,900 crore in FY23 and currently operates in over 1,500 cities.
“…the group has enhanced its focus on providing financing and insurance solutions across its ecosystem,” said Amit Jain, cofounder and chief executive of CarDekho group. “We remain dedicated to pioneering the automotive and financial technology sectors,” he added.
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On October 11, ET reported that InsuranceDekho had raised $60 million in a funding round from Japanese financial services major Mitsubishi UFJ Financial Group, BNP Paribas Cardif, which invested through its insurtech fund, and Beams Fintech. Meanwhile, the group’s fintech platform, Rupyy, recorded an annualised run rate (ARR) exceeding Rs 12,000 crore across 1,500 cities as of September 2023.On October 30, ET reported that Gurgaon-based used-car platform Cars24 had recorded a year-on-year operating revenue increase of 7.7% to Rs 5,535 crore in FY23. In FY22, the company’s revenue from operations had grown 87% year on year to Rs 5,136.5 crore.