CarDekho Group’s Growth Trajectory Shines in 2023 with Positive Outlook for 2024

Jaipur, January, 2024.

CarDekho Group, India’s leading Autotech and financial solution provider, has demonstrated outstanding growth across its House of Brands in 2023, strengthening its position as a market leader. It handles transactions over USD 2.2bn (on an ARR basis) and maintains a robust cash reserve of over INR 13000 mn, earmarked for both organic and inorganic growth projects. After maintaining a growth rate of over 60% in the last three years, the Group projects similar favorable growth in the upcoming year. 

CarDekho Group has credited the growth to its businesses — New Auto, Rupyy (leading fintech platform for used car financing), InsuranceDekho (India’s leading #1B2B2C insurtech platform), and its Southeast Asia Business (largest Autotech and Used car financing platform in the region).

Sustained consumer focus in the New Auto business has enabled and its sister platforms to achieve a record monthly active user base of over 60 million, further strengthening CarDekho’s position as the leading research platform for auto buyers across segments. Another key accomplishment is that 90% of the traffic on Cardekho is organic, and almost half is direct.

The business also accomplished a record feat of directly working with nearly 4000 dealer counters every month and expanded to a client base of 65+ OEMs across auto and allied segments whilst achieving a Customer NPS of 70+.

Rupyy has positioned itself as India’s largest distributor of used car loans securing a notable 15% market share this year. With an annualised run rate surpassing INR 14,000 crore across 1500+ cities, Rupyy has created a significant distribution moat with over 35 banks/NBFCs as financing partners and over 13k channel partners on board. Tapping the demand for financial solutions across Indian cities, the Fintech platform has also conducted Udaan Utsav, an outreach program to build strong connections and network with channel partners. The platform’s growth trajectory is complemented by its commitment to customer & channel satisfaction, boasting an NPS of 75+, delighting over 4 lakh customers till now, Rupyy aligns with the resilient growth in the vehicle finance industry, achieving a CAGR of 100% in the last three years. The company’s ambitious expansion plans target over 2000+ cities, striving for a 20%+ market share in used car loans in the upcoming years.

InsuranceDekho surpassed an annualised premium Run Rate of INR 3600 crores and has over 2000+ employees. Despite the funding winter, the platform raised $60M in Series B Funding, surpassing $200M in total funding. With nearly 1.5 lakh agents on the ground, the platform covers 1700+ cities and 98% of pin codes in the country, making insurance accessible to diverse segments. The platform, known for its focus on real Bharat, receives over 90% of its premium from tier 2 and beyond and has served over 6 million customers whilst achieving an NPS of 93+. InsuranceDekho envisions reaching 6 lakh villages and strengthening its network with over 2 lakh agents.

“The success of CarDekho Group in 2023 affirms our commitment to utilizing technology for the widespread accessibility of automotive and financial mobility solutions throughout India. The remarkable growth achieved over the years is credited to our dedicated team, who have executed our vision with speed and a customer-centric approach. As we enter 2024, our focus remains steadfast on sustaining this growth momentum. We have exciting plans to introduce innovative products and solutions, leveraging AI, ML, and LLM, aiming to foster greater financial inclusion both in India and internationally, while delivering unparalleled customer experiences,” emphasized Amit Jain, Co-founder and CEO of CarDekho Group.

In a strategic move, CarDekho Group also announced its foray into the shared mobility ecosystem through the merger with Revv. This merger allows CarDekho to offer shared mobility services addressing the evolving needs of Gen-Z customers.

Extending its reach beyond the Indian market, CarDekho has experienced significant progress in expanding into the Southeast Asian region, particularly in Indonesia, Malaysia, and the Philippines. The company has built a robust network consisting of 13K+ dealers and forged partnerships with more than 35 financial entities, achieving an impressive dealer Net Promoter Score (NPS) of 70+. CarDekho has proudly secured the position as the number one auto financial services marketplace in Indonesia.

The year also marked the CarDekho Group launching the investment arm Girnar Vision Fund to support startups and foster innovation in the country’s entrepreneurial landscape. Furthermore, CarDekho organized a liquidity event that resulted in a pool size of $5 million, extending the opportunity to both current and former employees who hold shares in the company. With its employee-friendly policies for a 6000+ strong workforce, the Group also earned the prestigious Great Place to Work certification for the second consecutive year.