CarDekho Group Turns Profitable in FY24, Posts Rs 37 Cr Profit

New Delhi, Nov 28 (PTI) Autotech and financial solution provider CarDekho Group on Thursday said it has recorded a standalone profit of Rs 37 crore in the 2023-24 fiscal year, scripting a turnaround from Rs 143-crore losses in FY23.

Net revenue from operations after adjusting for discontinued used cars, came in at Rs 2,074 crore in FY24, a 54 per cent year-on-year uptick from Rs 1,347 crore in FY23, according to a company statement.

"Its (CarDekho Group) diversified portfolio spanning auto media, insuretech, fintech, and international businesses outpaced industry growth rates with the overall growth trajectory being largely powered by the remarkable performance of its insuretech arm, InsuranceDekho, and fintech platform, rupyy.

"Notably, the group delivered its first full-year standalone profitability, with a profit of approximately Rs 37 crore (before exceptional items), a turnaround from a loss of Rs 143 crore in FY23. This enabled consolidated losses reduction from Rs 562 crore in FY23 to Rs 340 crore in FY24," the statement said.

During the year, it said the group secured about USD 80 million in growth capital.

InsuranceDekho, a part of the CarDekho group, processed about Rs 3,300 crore premium for insurance companies in FY24, the statement added.

"The company operates in over 1,500 cities, covering 98 per cent of India's pin codes and serving more than 9 million customers, insuring 21 individuals every minute.

CarDekho Group operates companies in Insurtech (InsuranceDekho), Fintech (rupty), Shared mobility space (Revv), and also handles content portals such as CarDekho.com, BikeDekho, ZigWheels, and Powerdrift.

It is backed by investors like Peak XV (Sequoia), Hillhouse Capital, CapitalG, Ratan Tata Trust, Leapfrog (ESG-focused investment fund), HDFC Bank, ICICI Bank, and Axis Bank, among others.

"...we strategically expanded our 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," Group CFO Neelesh Talathi said.