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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.[3] Its platforms include CarDekho, BikeDekho, Gaadi.com, Zigwheels, PowerDrift, InsuranceDekho, Rupyy, and Revv.[4] The company also operates in Indonesia, the Philippines, and the United Arab Emirates.[3][5]
CarDekho was founded in 2008 by Amit Jain and Anurag Jain in Jaipur, Rajasthan.[6] The idea for CarDekho emerged after the founders attended the 2008 Auto Expo in Delhi.[7] Initially, the platform was launched as an online portal providing car reviews, specifications, and price comparisons for buyers and sellers.[8][9]
Before founding CarDekho, the Jains had established GirnarSoft in 2006,[10] a software solutions and outsourcing company that later became the parent company of CarDekho and its associated platforms.[11] The company later introduced insurance services through InsuranceDekho and fintech solutions via Rupyy.[12] Other platforms under the group, including BikeDekho, ZigWheels, and PowerDrift, focus on two-wheelers and automotive content.[4] In May 2020, CarDekho laid off 200 employees following the impact of the COVID-19 pandemic on the automobile sector.[13]
Expansion and acquisitions
In 2013, CarDekho acquired Gaadi.com, a used car platform owned by Ibibo.[14] In 2015, the company acquired Times Internet's ZigWheels,[15] an automotive content and review platform.[16] CarDekho expanded further by acquiring PowerDrift, an automotive video and review platform, in 2018.[17]
The company's international expansion began in 2016 when it entered the Indonesian market under the OTO.com brand.[18] In 2019, it acquired Carmudi, a Philippines-based online car classifieds platform.[19] ZigWheels was later launched in the UAE, Malaysia, and the Philippines.[3] That same year, CarDekho partnered with 5,000 dealerships across India and collaborated with over 10 financial institutions to support used car financing.[20] In 2023, CarDekho acquired a controlling stake in Revv, a shared mobility platform.[21]
Funding and valuation
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.[22][20]
In 2018, CarDekho raised $110 million in a Series C funding round, with participation from Axis Bank and other investors.[20] 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.[23][24] 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.[25][26] As of 2021, CarDekho had raised approximately $497.5 million in funding.[27] As of February 2024, CarDekho was reportedly valued at approximately $1.2 billion (around ₹9,960 crore), according to media reports.[28]
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₹2,074 crore (FY24) [1]