CarDekho, India’s leading auto-tech company, reported strong financial performance for the first quarter of FY 2019-20, recording an overall revenue growth of 92% compared to the same period last year. The company’s Q1 revenue stood at $13 million.
The growth was driven by strong performance across business segments. Revenue from used-car transaction services grew by 263% year-on-year, while the new auto business registered a 44% increase despite challenging market conditions and declining automobile sales across the industry.
CarDekho’s Used Cars business recorded 90% growth, while its Insurance & Warranty segment emerged as a key growth driver with a 583% increase. The Financial Services business also posted a healthy growth of 58%. Internationally, the company continued to expand its footprint, with its Indonesian platform, OTO.com, registering 213% growth during the quarter.
Commenting on the results, Amit Jain, Co-founder and CEO, CarDekho Group, said the company’s strong performance reflected the effectiveness of its diversified business model and customer-focused approach. He noted that investments in the used-car transaction and Insurance & Warranty businesses had contributed significantly to growth and reinforced the company’s vision of becoming India’s preferred personal mobility partner.
Founded in 2008 and headquartered in Jaipur, CarDekho Group has built a comprehensive automotive ecosystem through platforms such as CarDekho.com, Gaadi.com, ZigWheels.com, BikeDekho.com, and PowerDrift.com. The company has also expanded into insurance, financial services, pre-owned car retail, tyres, and commercial vehicles through ventures including InsuranceDekho.com, CarDekho Gaadi Stores, TyreDekho.com, and TrucksDekho.com.
Over the years, CarDekho has emerged as one of India’s largest automotive digital platforms, reaching over 41 million monthly unique visitors and more than 2 million YouTube subscribers. The company also operates Indonesia’s leading automotive portal, OTO.com, and is backed by prominent investors including Sequoia India, Hillhouse Capital, CapitalG, HDFC Bank, Axis Bank, Times Internet, Ratan Tata, and Trifecta.
