Google-backed auto classifieds portal CarDekho grew its revenue 62% to about Rs 260 crore in the year ended March 2019, on the back of strong performance in the used car segment.
The Gurgaon-based Girnar Sofware, which runs CarDekho, said that revenues earned from its used car business and affiliate services such as insurance and financing achieved a 140% YoY(year-on-year) growth. The business unit posted a $21 million (approx Rs 145 crore) exit run rate in FY19.
“The supply of used cars is already created because the market is dependent on cars sold around four years back. It’s a sustained and predictable model based on a number of cars sold 3 to 4 years ago unlike the new car market,” said Amit Jain, co-founder, and CEO of CarDekho.
Jain said the company’s consumer-to-dealer auctions platform Gaadi posted transactions of over 800 cars in 12 stores across Delhi-NCR in just 2 months. The company plans to expand this to over 30 stores across Delhi and Bengaluru by the end of April and will be significant business into which CarDekho will invest going forward.
CarDekho’s new car business grew 40% YoY in the previous fiscal. The company said the unit had an exit run rate of $26.4million (approx Rs 182 crore), staying in the green despite the slump in new car sales during the year.
In January this year, CarDekho said it raised $110 million in its Series C funding round from investors Sequoia India, Hillhouse Capital, Capital G, and Axis Bank, valuing the firm between $400 and $500 million.
#autojobs4u #automotivejobs #jobs #Autojobs #News #AutomobileIndustry #CarDdekhoRevenue #Revenue