 "CarDekho Group's net revenue increases 54% to Rs 2,074 crore in FY24")
CarDekho Group, the auto-tech and fintech solution provider, recorded a net revenue of Rs 2,074 crore in FY24, a 54 per cent growth year-on-year from Rs 1,347 crore in FY23. The group said its diversified portfolio outpaced industry growth rates, with the overall growth largely powered by the strong performance of its insuretech arm, InsuranceDekho, and fintech platform, Rupyy.
Notably, the group delivered its first full-year standalone profitability, with a profit of approximately Rs 37 crore (before exceptional items), a turnaround from a loss of Rs 143 crore in FY23. This enabled a reduction in consolidated losses from Rs 562 crore in FY23 to Rs 340 crore in FY24.
Neelesh Talathi, Group CFO of CarDekho Group, said, “In parallel, we strategically expanded our portfolio through targeted M&A initiatives, including the acquisitions of Revv and Carrum, and investments in cutting-edge technologies such as BiUP and Girnar AI Innovations Lab. These achievements not only strengthen our position as a market leader but also reaffirm our IPO readiness and commitment to delivering long-term value to all stakeholders.”
During the year, the group secured approximately $80 million in growth capital, led by marquee investors. Backed by a profitable parent company, fully funded large-scale businesses, and a robust balance sheet with a cash reserve of Rs 1,600 crore, the group said it is strategically positioned to invest in building a technology-driven and sustainable future.
As part of its growth strategy, the group acquired Revv, a shared mobility platform. At its peak, Revv managed a fleet of over 1,000 cars, serving more than 5 million customers. In FY25, the group also made a strategic investment in fleet management services startup Carrum to help drive its sustainable mobility portfolio. CarDekho intensified its emphasis on deep-tech advancements by investing in Girnar AI Innovations Lab and BiUP Technologies, driving innovation in AI-powered mobility solutions.
InsuranceDekho demonstrated strong growth, recording a premium of Rs 33 billion in FY24 and establishing a widespread agent network of 150,000 on the ground, making insurance accessible across India’s Tier 2 and rural regions. Present in over 1,500 cities, InsuranceDekho covers 98 per cent of India’s pin codes and has reached over 9 million customers, insuring 21 individuals nationwide every minute.
Rupyy, the digital lending and used car financing platform of CarDekho Group, had a 15 per cent market share in the used car segment. The company also strengthened its leadership as India’s largest distributor of used car loans, achieving an annualised run rate exceeding $2 billion. It has an extensive network of over 36 banking partners. The group’s new auto arm also recorded strong growth. The platform reached 60 million monthly users, with 90 per cent of traffic derived organically. The platform continued to foray into newer growth vectors, exemplified by the launch of TractorsDekho in May 2024.