Cardekho Group reports consolidated loss of Rs 340 crore in FY24
New Delhi New Delhi: Auto-tech and fintech solutions provider CarDekho Group reported a consolidated loss of Rs 340 crore in FY24. It was Rs 562 crore in FY23. On a standalone basis, the company reported a profit of Rs 37 crore in FY24 as against a loss of Rs 143 crore in FY23. The company’s revenue grew 54 per cent year-on-year to Rs 2,074 crore in FY24 from Rs 1,347 crore in FY23. According to the company, the increase in revenue is due to the stellar performance of insurance unit InsuranceDekho and fintech platform Rupee. InsuranceDekho has received a premium of Rs 3,300 crore in FY24. InsuranceDekho focuses on tier 2 and rural cities. The company has a large network of 1.5 lakh agents, which are present in more than 1,500 cities.
Rupyy, which is the used car financing platform of CarDekho Group. It has a 15 percent share of the used car finance market. The company has an annual run rate of over $2 billion. The company has over 36 banking partners. During the year, the Group raised growth capital of approximately $80 million (approximately Rs 675 crore) led by marquee investors.
The Group acquired Revv, a shared mobility platform, in 2023. At its peak, Revv managed a fleet of over 1,000 cars, serving over 5 million happy customers. In FY25, the Group also made a strategic investment in fleet management services startup Carrum to help further expand its sustainable mobility portfolio. Capitalizing on future market opportunities, CarDekho increased its emphasis on deep-tech advancements by investing in Girnar AI Innovation Lab and BIUP Technologies, driving innovation in AI-powered mobility solutions.
CarDekho Group was founded in 2008. It operates companies in the InsurTech (InsuranceDekho), FinTech (RupeesDekho) and Shared Mobility space (Rev), and also operates India’s leading automobile content portals such as CarDekho.com, BikeDekho, ZigWheels, PowerDrift, etc. The Group is backed by marquee investors such as Peak XV (Sequoia), Hillhouse Capital, CapitalG, Ratan Tata Trust, LeapFrog (ESG-focused investment fund), HDFC Bank, ICICI Bank and Axis Bank.
