CarDekho logs Rs 1,600 cr in revenue in FY22, narrows losses by 28%
CarDekho logs Rs 1,600 cr in revenue in FY22, narrows losses by 28%
New Delhi: IPO-bound car search platform CarDekho Group on Monday said it registered 81 per cent growth in consolidated revenue from operations, increasing to Rs 1,598 crore in FY22 from Rs 884 crore in 2021.
A $1.2 billion unicorn, the company said it narrowed its losses by 28 per cent, to Rs 246 crore in FY22 from Rs 341 crore in FY21.
The company informed that it has Rs 1,000 crore in net cash and has a clear path to achieve profitability by FY24.
"The stellar business growth is a testament to the trust reposed in CarDekho Group by over 50 million visitors, over 5,000 used car loan agent partners, more than 50,000 insurance partners in over 1,300 cities and more than 3,500 used car dealers as at March 2022," said Amit Jain, Co-founder and CEO, CarDekho Group.
The group has multiple brands such as CarDekho, BikeDekho, InsuranceDekho, Rupyy and Zigwheels, etc.
"We are confident that our homegrown insuretech and fintech solutions, InsuranceDekho and Rupyy, will remain strong growth engines contributing to a significant profit pool," Jain added.
In November last year, CarDekho said it aims to infuse $100 million in its fintech entity called Rupyy in a mix of debt and equity.
To date, the group has helped issue 16 lakh insurance policies and facilitated disbursal of over 1 lakh auto loans in FY22.
The company added that its current international operations, spread across Indonesia, Malaysia and Philippines, is gaining significant traction
"The group continues to focus on driving profitable growth coming from the benefits of operating leverage, continuous focus on improving unit economics across all our business lines and implementing technology-led innovations across the platforms," said Mayank Gupta, Group Chief Financial Officer.
On the IPO plans, Gupta said that public listing will be one of the key milestones in the company's journey.
"We are definitely evaluating it subject to requisite approvals and conducive market conditions," said Gupta.