CarDekho, a local autotech startup, announced its results for the fiscal year 2021-2022 today. The company reported an 81% increase in consolidated revenue from operations, up to Rs 1,598 crore in FY22 from Rs 884 crore in 2021.
While total expenses increased by 70%, total losses decreased by 28% to Rs 246 crore in FY22 from Rs 341 crore in FY21.
CarDekho, which facilitates the purchase and sale of cars and bikes, including EVs, as well as information and research, insurance brokerage, and financing for cars, bikes, and EVs, saw significant growth across all business segments in FY22.
In FY22, the company claimed that its platform had over 50 million unique monthly visitors, generated over 9 million leads, assisted in the issuance of 16 lakh insurance policies, and facilitated the disbursement of over 1 lakh auto loans.
CarDekho stated that it has over Rs 1,000 crore in net cash and expects to be profitable by FY24.
“We derive our strength from our unwavering customer centricity,” said Amit Jain, Co-founder and CEO of CarDekho Group. CarDekho Group benefits from its ecosystem play, which is built on a strong tech stack and offers tailored to specific consumer mobility needs.”
“The stellar business growth is a testament to the trust reposed in CarDekho Group by over 50 million visitors, over 5,000 used car loan agent partners, more than 50,000 insurance partners in over 1300 cities, more than 3,500 used car dealers as at March 2022. “The group has successfully leveraged its house of brands strategy, operating under multiple brands such as CarDekho, BikeDekho, InsuranceDekho, Rupyy, Zigwheels, and so on,” Amit said.
“The group continues to focus on driving profitable growth from the benefits of operating leverage, continuous focus on improving unit economics across all our business lines, and implementing technology led innovations across the platforms,” said Mayank Gupta, Group Chief Financial Officer, CarDekho Group. The group is on track to become profitable on a consolidated basis by FY24.
