CarDekho SEA, the Southeast Asia business unit of IPO-bound autotech company CarDekho Group on Wednesday said it has raised $60 million funding round led by growth and private equity investors Navis Capital Partners and Dragon Fund. The latest round brings the total funding raised by the SEA unit to over $100 million.
Launched in 2020, the SEA unit, which operates in used car finance and refinance loans, dealer inventory funding, and classifieds space, will deploy the fresh capital infusion towards expanding its existing capabilities in Indonesia used car & bike financing, used car refinancing and classifieds, and used auto financing sector in the Philippines.
The company said it has a 3 per cent market share in Indonesia within the used auto finance sector and has over 40 financiers as partners. Regionally, it owns and operates multiple brands including OTO Indonesia, Carmudi Philippines, and Zigwheels Philippines.
CarDekho SEA added that it has surpassed $1 billion in gross merchandise value (GMV) and has partnerships with over 50 financiers and 20,000 dealers and retail agents.
Speaking on the fresh round of funding, Amit Jain, Co-founder and CEO, CarDekho Group said, “By replicating our Indian playbook for international markets, we’ve been able to understand and solve consumer needs across diverse cultures and regions.”
The company said it will leverage AI and machine learning solutions to structurally reduce fraud risk, credit risk, and provide additional data inputs to their financing partners.
Rajendra Pai, Partner at Navis Capital, said, “At Navis Capital, we are well-positioned to help them (CarDekho SEA) leverage our extensive network and expertise in scaling growth-stage companies. We believe that by enhancing financial inclusion, CarDekho SEA will not only empower consumers but also drive transformative change across the automotive landscape.”
The parent organization CarDekho Group’s portfolio includes insurtech and fintech brands InsuranceDekho and Rupyy. The organization generates an annual auto financial services GMV of $2 billion, insurance for $500 million and group revenue run-rate of$400 million.
The group reported a 39.5 per cent decline in its consolidated losses to Rs 340 crore in the financial year 2023-24 from Rs 562 crore in FY23 while net revenue grew 54 per cent to Rs 2,074 crore in FY24 from Rs 1,347 crore in FY23.