IPO-bound autotech company CarDekho Group on Thursday 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. The company, which has a portfolio spanning auto media, insuretech, fintech, and international businesses, said the growth was largely powered by its insuretech arm InsuranceDekho and fintech platform rupyy.
CarDekho said it reduced its losses on the back of its first full-year standalone profitability of around Rs 37 crore (before exceptional items) in FY24 from a loss of Rs 143 crore in FY23.
“Backed by a profitable parent company, fully funded large-scale businesses, and a robust balance sheet with a cash reserve of Rs 1,600 crores, the group is strategically positioned to invest in building a technology-driven and sustainable future,” it said in a statement.
Speaking on the FY24 results, Neelesh Talathi, Group CFO of CarDekho Group, said the company strategically expanded its portfolio through targeted M&A initiatives, including the acquisitions of Revv and Carrum, investments in cutting-edge technologies such as BiUP and Girnar AI Innovations Lab.
“These achievements not only strengthen our position as a market leader but also reaffirm our IPO readiness and commitment to delivering long-term value to all stakeholders,” he said.
In FY24, the group had raised $80 million in growth capital and acquired the shared mobility platform Revv. In September this year, it made a strategic investment in fleet management services startup Carrum to help drive its sustainable mobility portfolio.
Backed by investors viz., Peak XV (Sequoia), Hillhouse Capital, CapitalG, Ratan Tata Trust, Leapfrog (ESG-focused investment fund), HDFC Bank, ICICI Bank, and Axis Bank, the company claimed it maintained market leadership in autotech, managing transactions of over $3 billion on an annual run rate (ARR) basis.
CarDekho had last raised $$250 million funding in October 2021 which included $200 million Series E equity and $50 million debt in its pre-IPO round. The capital infusion had turned the company into a unicorn with a valuation of $1.2 billion.
India’s used car market is likely to grow at a compound annual growth rate (CAGR) of 21 per cent and reach 8.2 million units by FY25 from 3.2 million units in FY21 and 5.4 per cent in FY23, as per a report by Das WeltAuto by Volkswagen earlier this year.