| Company type | Private |
|---|---|
| Industry | Automotive e-commerce |
| Founded | 2008 |
| Founders |
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| Headquarters | Jaipur, Rajasthan, India |
Key people |
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| Website | www |
CarDekho Group is an Indian technology company headquartered in Jaipur, Rajasthan with large offices in Gurugram, that operates digital platforms for automotive sales, reviews, insurance, and financing. [1] Its platforms include CarDekho, BikeDekho, Gaadi.com, Zigwheels, PowerDrift, InsuranceDekho, Rupyy, and Revv. [2] The company also operates in Indonesia, the Philippines, and the United Arab Emirates. [1]
CarDekho was founded in 2008 by Amit Jain and Anurag Jain in Jaipur, Rajasthan. [3] The idea for CarDekho emerged after the founders attended the 2008 Auto Expo in Delhi. Initially, the platform was launched as an online portal providing car reviews, specifications, and price comparisons for buyers and sellers. [4] [5]
Before founding CarDekho, the Jains had established GirnarSoft in 2006, [6] a software solutions and outsourcing company that later became the parent company of CarDekho and its associated platforms. [7] The company later introduced insurance services through InsuranceDekho and fintech solutions via Rupyy. [8] Other platforms under the group, including BikeDekho, ZigWheels, and PowerDrift, focus on two-wheelers and automotive content. [2] In May 2020, CarDekho laid off 200 employees following the impact of the COVID-19 pandemic on the automobile sector. [9]
In 2013, CarDekho acquired Gaadi.com, a used car platform owned by Ibibo. [10] In 2015, the company acquired Times Internet's ZigWheels, [11] an automotive content and review platform. [12] CarDekho expanded further by acquiring PowerDrift, an automotive video and review platform, in 2018. [13]
The company's international expansion began in 2016 when it entered the Indonesian market under the OTO.com brand. [14] In 2019, it acquired Carmudi, a Philippines-based online car classifieds platform. [15] ZigWheels was later launched in the UAE, Malaysia, and the Philippines. [1] That same year, CarDekho partnered with 5,000 dealerships across India and collaborated with over 10 financial institutions to support used car financing. [16] In 2023, CarDekho acquired a controlling stake in Revv, a shared mobility platform. [17]
CarDekho secured its first funding in 2013 through a Series A round of $15 million, led by PeakXV (formerly Sequoia Capital India & SEA). This was followed by a Series B round in 2015, in which the company raised $50 million from investors, including Ratan Tata, Hillhouse Capital, Tybourne Capital, and Sequoia Capital. [18] [16]
In 2018, CarDekho raised $110 million in a Series C funding round, with participation from Axis Bank and other investors. [16] The company secured $70 million in a Series D round in 2019, with investment from the Ping An Global Voyager Fund, an arm of the Ping An Group. [19] [20] In October 2021, CarDekho closed its Series E round with a $250 million pre-IPO round led by LeapFrog Investments, reaching a valuation exceeding $1 billion. [21] [22] As of 2021, CarDekho had raised approximately $497.5 million in funding. [23] As of February 2024, CarDekho was reportedly valued at approximately $1.2 billion (around ₹9,960 crore), according to media reports. [24]