The company claims all car and motorcycle manufacturers engage with CarDekho and that it accounts for 15-30 per cent of some of its partners' sales. CarDekho also works actively with over 4,000 new auto dealerships and 3,000 used car dealers across India, influencing more than 42 per cent of the retail sales happening through their counters.
In addition, it works in collaboration with more than 10 financial institutions and 18 insurance companies
across the country to facilitate used-car financing and insurance to provide a seamless experience for both buyers and sellers.
The company recently announced its H1 results for 2019-20. The overall revenue of the company achieved a YoY growth of 92 per cent over the first half of the last fiscal year and stood at $28 million. Despite the slowdown in new auto sales across India, the company’s new auto business segment posted a significant growth at 30 per cent. Its insurance and warranty business grew 525 per cent. The used-car and financial services businesses grew by 120 per cent and 135 per cent, respectively.
“With the latest fundraise, we will continue to strengthen our domestic and international businesses and will aggressively work towards becoming the largest personal mobility ecosystem in the country,” said Amit Jain, CEO and co-founder, CarDekho.
“Auto services are a core component of Ping An’s ‘finance + ecosystem’ strategy, reflected in our majority shareholding in Autohome in China. We have been extremely impressed with the business CarDekho has built in India, particularly its success in developing different types of financial services offerings to address car buyers’ needs,” said Donald Lacey, Managing Director and COO of the Ping An Global Voyager Fund. “The Global Voyager Fund’s stake in CarDekho represents Ping An’s first venture investment in India, and we are delighted to partner with an organisation of CarDekho’s caliber.”
The RainMaker Group acted as the sole financial advisor to the company.