The business stated that it had $1,000 crore in net cash and is on track to turn a profit by FY24. According to Amit Jain, co-founder and CEO of CarDekho Group, 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 more than 1,300 cities, and more than 3,500 used car dealers as of March 2022.
Numerous brands owned by the group include CarDekho, BikeDekho, InsuranceDekho, Rupyy, and Zigwheels, among others.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.CarDekho stated in November of last year that it intended to invest $100 million in its fintech company, Rupyy, using a combination of finance and equity.
Over 1 lakh vehicle loans were disbursed in FY22, and the group has so far assisted in the issuance of 16 lakh insurance policies. The business also said that its present overseas ventures, which are spread out across Indonesia, Malaysia, and the Philippines, are generating tremendous traction.
According to Mayank Gupta, group chief financial officer, 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. Regarding the IPO plans, Gupta stated that the company’s public offering will be one of its major turning points. We are definitely evaluating it subject to requisite approvals and conducive market conditions, said Gupta.
Comment down below.
