Autotech startup CarDekho's FY22 loss narrows; targets 2024 profitability

Homegrown Autotech startup CarDekho today announced results for the financial year 2021-2022. The company said it registered an 81% growth in consolidated revenue from operations, increasing to Rs 1,598 crore in FY22 from Rs 884 crore in 2021. 

While the company's total expenses increased by 70%, it has narrowed its total losses by 28% to Rs 246 crore in FY22 from Rs 341 crore in FY21

CarDekho enables buying and selling cars and bikes, including EVs, information and research, insurance broking and financing for cars, bikes, and EVs saw significant growth across all its business segments in FY22. 

The company claimed that its platform registered over 50 million unique monthly visitors, generated over 9 million leads, helped issue 16 lakhs insurance policies and facilitated the disbursal of over 1 lakh auto loans in FY22.

CarDekho said it has over Rs 1,000 crore net cash and expects to achieve profitability by FY24.

Amit Jain, Co-founder and CEO, CarDekho Group, said, “We derive our strength from our unwavering customer centricity. CarDekho Group benefits from its ecosystem play built on robust tech-stack with offerings designed around addressing specific needs of the consumers around mobility."

"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 1300 cities, more than 3,500 used car dealers as at March 2022. The group has successfully leveraged its house of brands strategy, operating through multiple brands such as CarDekho, BikeDekho, InsuranceDekho, Rupyy, Zigwheels etc," Amit said.

Mayank Gupta, Group Chief Financial Officer, CarDekho Group, said, “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. The group has a clear path to turn profitable at a consolidated level by FY24.”

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