CarDekho Group, a leader in auto-tech and fintech solutions, reported a consolidated loss of Rs 340 crore for FY24, a significant improvement from the Rs 562 crore loss it recorded in FY23. However, on a standalone basis, the company achieved a profit of Rs 37 crore in FY24, compared to a Rs 143 crore loss in FY23.
Strong Revenue Growth in FY24
CarDekho Group’s total income saw a substantial year-on-year increase of 54%, reaching Rs 2,074 crore in FY24, compared to Rs 1,347 crore in FY23. The growth was largely attributed to the outstanding performance of its insurance unit, InsuranceDekho, and its used car financing platform, Rupyy.
InsuranceDekho secured premiums worth Rs 3,300 crore in FY24. Focused on tier-2 cities and rural areas, the unit operates with a wide network of 1.5 lakh agents across 1,500 cities. Meanwhile, Rupyy captured a 15% share of the used car finance market, with an annual run rate exceeding $2 billion. The platform collaborates with over 36 banking partners to streamline car financing solutions.
Expansion and Investments
During FY24, CarDekho Group raised approximately $80 million (Rs 675 crore) in growth capital from prominent investors. The Group also expanded its portfolio with strategic acquisitions and investments. In 2023, it acquired Revv, a shared mobility platform that previously managed a fleet of over 1,000 cars and served 5 million customers.
In FY25, CarDekho invested in Carrum, a fleet management startup, to strengthen its sustainable mobility initiatives. Additionally, the company deepened its focus on advanced technology by investing in Girnar AI Innovations Lab and BiUP Technologies, driving AI-powered solutions for the mobility industry.
About CarDekho Group
Founded in 2008, CarDekho Group operates across Insurtech (InsuranceDekho), Fintech (Rupyy), and shared mobility (Revv). It also owns leading automobile content platforms like CarDekho.com, BikeDekho, ZigWheels, and PowerDrift.
Backed by investors such as Peak XV (Sequoia), CapitalG, HDFC Bank, and Ratan Tata Trust, CarDekho Group is poised for further growth, combining technological advancements with market-driven strategies to lead in auto-tech innovation.
