CarDekho - How It Finds the Right Cars for the Users?

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The emergence of the internet has transformed the car-buying experience positively, making it much more accessible and convenient than before. Today we have a lot of online portals that will take you through the process effortlessly. One such portal is CarDekho.

Founded by Amit Jain and Anurag Jain in 2008, CarDekho is a prominent car search venture that helps users find fitting new and old car variants and buy them without any hassles.

Here's the StartupTalky article to know about CarDekho, its founders, competitors, business and revenue model, startup story, funding, investors, acquisitions, and more.

CarDekho - Company Highlights

CarDekho - About
CarDekho - How it Works?
CarDekho - Industry
CarDekho - Founders and Team
CarDekho - Startup Story
CarDekho - Startup Launch
CarDekho - USP and Innovation
CarDekho - Mission and Vision
CarDekho - Name, Logo and Tagline
CarDekho - Business Model
CarDekho - Revenue Model
CarDekho - Employees
CarDekho - Challenges Faced
CarDekho - Funding and Investors
CarDekho - Mergers and Acquisitions
CarDekho - Growth
CarDekho - Advertisements and Social Media Campaigns
CarDekho - Awards and Achievements
CarDekho - Competitors
CarDekho - Future Plans

CarDekho - About

CarDekho, a creation of 'GirnarSoft' founded by Amit and Anurag Jain, stands as a comprehensive online platform dedicated to all things automotive. Both the web app and the CarDekho.com website house a wealth of rich automotive content. This includes expert reviews, detailed specifications, pricing information, and car comparisons, as well as an extensive collection of pictures and videos covering a diverse array of car brands and models available in India.

Furthermore, CarDekho provides valuable insights into the automobile industry, ensuring users stay updated with fresh content, recent launches, and industry trends.

CarDekho - How it Works?

CarDekho offers consumers a smooth 360-degree experience by acting as a virtual auto dealer. Users of the platform can peruse through a number of categories, future autos, and new releases. Furthermore, CarDekho has its own online store with a large selection of automobile accessories, including sun films, car stereos, stickers, floor mats, and more. In addition, it also provide car loan for new car used car and refinances for the existing car.

Company maintains an active automotive forum where industry professionals and reviewers respond to user-posted questions about cars in an effort to promote community involvement. In general, CarDekho creates a comprehensive and effective automobile platform by fusing technological know-how with user-friendly interfaces.

CarDekho is the product of ‘GirnarSoft’ owned by the founder duo, Amit and Anurag Jain. CarDekho is a web app that has almost anything and everything about an automobile. Both the app and the CarDekho.com website boast rich automotive content including but not limited to expert reviews, detailed specs, and prices of cars, comparisons of cars, pictures, and videos of an exhausting range of car brands and models available in India.

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CarDekho - Industry

India's automotive market grew rapidly, hitting USD 100 billion in 2021 and expected to reach USD 160 billion by 2027, with a notable compound annual growth rate (CAGR) of 8.1% from 2022 to 2027. India is a well-known center for the production of automobiles worldwide. Its low production costs are a result of cheap labor, a plentiful supply of raw materials, and a depreciating currency. India is a key player in the global automotive industry, producing more than 4 million cars a year, making it the fourth largest automobile producer in the world.

CarDekho - Founders and Team

Amit Jain and Anurag Jain are the founders of CarDekho. Amit Jain is the CEO and co-founder, while Anurag Jain acts as the COO and co-founder at CarDekho. Umang Kumar has also been the President and co-founder of the company.

Amit Jain

Amit Jain is an IIT Delhi alumnus from where he obtained a BTech degree before going on to join Tata Consultancy Services. Leaving TCS after serving the company for around one year, Amit joined Trilogy, where he went to be a Product Manager. Jain next started with GirnarSoft as the CEO and co-founder of the company, which he is still serving at the present. Amit Jain is also the CEO and co-founder of CarDekho.

Anurag Jain

Anurag Jain is also an IIT Delhi alumnus who has obtained an Integrated Master of Technology in Mathematics and Computing. Jain was a Senior Systems Consultant at i2 Technologies after which he joined Sabre Holdings as a Senior Operations Research Analyst. Anurag is serving as the COO and co-founder at GirnarSoft.

Both the founder and his brother were born on November 12th, and they both finished their education at St. Xavier's School in Jaipur. Both of them continued their education at IIT Delhi, where Anurag studied computer science and mathematics and Amit chose to major in civil engineering. Amit was interested in products and technology-related items because he and his brother had worked in the corporate sector for about eight years, having worked for businesses such as TCS and Trilogy.

Umang Kumar

Umang Kumar was earlier the co-founder of Gaadi.com, but ever since the latter has been acquired by CarDekho, Kumar has been associated with the team, where he has been serving as the co-founder and President at CarDekho. Umang Kumar is an alumnus of Visvesvaraya Technological University, from where he obtained a BE degree in Computers. Kumar next went on to pursue a Post Graduate Diploma in Management from the Indian School of Business and then joined the Harvard Business School for the Naspers program in General Management, Strategy and Leadership. Before joining Gaadi Web as the co-founder and CEO, Umang founded another company, Accentium Web. During his career, Umang served a couple of other companies, 9.9 Mediaworx and ABP, where he served in key leadership positions.

The company had 1,001–5,000 employees, as per LinkedIn.

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CarDekho - Startup Story

In January 2008, the Delhi Auto Expo inspired brothers Amit and Anurag Jain to start their own business to make buying a car easier. Cardekho.com was launched in March 2008, with the brothers starting the business from their garage foundation. As a result of their vision and influence on the automobile retail industry, their creation is valued at an astounding $1.2 billion.

In the early days of their startup journey, the Jain brothers encountered initial challenges, particularly in their outreach to potential customers through phone calls and emails. When they finally got their first client, their persistence paid off, and they embarked on a modest but eventually fruitful journey that led to several referrals and more jobs. CarDekho's early success served as the impetus for its growth. Equipped with an expanding workforce, amassed capital, and a well-defined idea, they formally introduced CarDekho, signifying a noteworthy turning point in their endeavor to revolutionize the automotive sector.

CarDekho - Startup Launch

A lot of thought and conceptualizing went into building CarDekho after its launch. Even though the company had been launched, they kept their IT consultancy services ongoing because the founders wanted the primary income to keep flowing. CarDekho is one of those companies that take the consumer through the whole process, from the start to the end and during the process, to make sure that the customer is satisfied.

Like all the other entrepreneurial ventures, this company too was a little slow in the beginning, but when it geared up the pace, the founders never looked back. And soon enough, its numbers did the talking when they roared success out loud to the world.

CarDekho - USP and Innovation

CarDekho.com has launched many innovative features to ensure that users get an immersive experience of the car model before visiting a dealer showroom. The standout feature is the "Feel The Car" tool, providing a 360-degree view of the car's interior and exterior. It goes beyond visuals, incorporating authentic sounds and feature explanations through engaging videos. It also offers features for searching and comparing cars by the makes, models, prices, features, and more. Furthermore, it also provides live offers and promotions in all cities.

Along with the above consumer product features, CarDekho.com provides a rich array of tech-enabled tools to OE manufacturers and car dealers. These consist of lead management applications for dealer sales executives, call tracking services, cloud-based sales performance monitoring, digital marketing assistance, virtual online showrooms, and outsourced lead management operational procedures that move customers from inquiry to sale.

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CarDekho - Mission and Vision

The company's vision is to establish a comprehensive ecosystem that links automakers, dealers, consumers, and associated businesses. There goal is to make it simple for customers to buy and sell cars while handling every aspect of car ownership, such as coordinating the purchase of accessories, tires, batteries, insurance, and roadside help.

CarDekho - Name, Logo and Tagline

The naming of CarDekho has been done because the website aims to help users to browse through cars and car-related information. The tagline of CarDekho says, "Bharosa Kar Ke Dekho."

CarDekho - Business Model

CarDekho operates as a pivotal online marketplace, serving as a nexus between buyers and sellers of automobiles. Its fundamental business model centers on offering consumers an all-encompassing platform for researching, comparing, and acquiring both new cars. As an information-based e-commerce platform, CarDekho delivers insightful content to cater to auto enthusiasts. Moreover, it seamlessly functions as an eCommerce platform, ensuring a seamless and convenient experience for individuals immersed in the car-buying process.

CarDekho - Revenue Model

The revenue model of CarDekho has been simple and clear-cut since day 1.

Here are the primary mediums through which CarDekho earns its revenues:

Advertising: To help automakers and dealerships advertise their goods and services, CarDekho provides a range of advertising alternatives. On its website and mobile app, the business charges for sponsored content, banner ads, and display ads.

Lead Generation: CarDekho seamlessly connects manufacturers and vehicle dealerships with potential customers, generating leads. The fee for each lead is customized based on the buyer's budget and level of interest, ensuring a dynamic and value-driven cost structure.

Subscription Model: CarDekho presents a premium subscription model, "CarDekho Plus," offering users exclusive benefits like discounts, free insurance, and extended warranties. The service comes at a fee, renewable annually.

Affiliate Marketing: Partnering with third-party companies, CarDekho promotes products and services related to cars, earning commissions for each sale through its affiliate links.

Subscription Model: CarDekho presents a premium subscription model, "CarDekho Plus," offering users exclusive benefits like discounts, free insurance, and extended warranties. The service comes at a fee, renewable annually.

Affiliate Marketing: Partnering with third-party companies, CarDekho promotes products and services related to cars, earning commissions for each sale through its affiliate links.

CarDekho - Employees

In February 2020, CarDekho announced a secondary sale, enabling eligible employees to redeem 50% of their vested options through GirnarSoft Group's ESOP Exercise. The company valued this cash-out at approximately $3.5 million. Notably, this marked the second instance of such a scheme in FY20, following the initial ESOP cash-out in April 2019, where CarDekho successfully bought ESOPs amounting to $2 million.

CarDekho - Challenges Faced

CarDekho's early difficulties included raising awareness in a market devoid of significant competitors. In order to get past this, the business made significant marketing investments, provided discounts, and expanded into the used and new car markets, eventually leading the way as an online marketplace for automobile sales.

Faced with competition from the used car industry, CarDekho made a calculated decision to enter the new car market, becoming one of the first companies to provide an online platform for new car purchases. This action not only addressed the fierce competition but also strengthened CarDekho's standing as a pioneer in automobile retail innovation.

CarDekho - Funding and Investors

So far, CarDekho has raised $497.5 million spread across 9 funding rounds to date.

Here are the funding details for CarDekho:

CarDekho.com, which went live in 2008, was set up by a bunch of young, enthusiastic IIT graduates. Its investors include Google Capital, Tybourne Capital, Hillhouse Capital, Sequoia Capital, HDFC Bank, Ratan Tata, and Times Internet.

CarDekho - Mergers and Acquisitions

CarDekho has acquired 3 company.

CarDekho - Growth

In its fourth year, CarDekho had already served 2.5 crore visitors by January 2012, reaching the pinnacle of success with a record 1.7 lakh used car sales across India. The launch of its iOS app, following the Android version, resulted in 100,000 downloads within a month, doubling web portal visitors and tripling revenues. By 2014, with a team of over 600 employees, CarDekho expanded its offerings with portals like BikeDekho and PriceDekho.

In 2019, CarDekho significantly expanded its reach by collaborating with 3,000 used car dealers, 4,000 new car dealerships, ten financial institutions, and eighteen insurance providers in India. This strategic network aimed to simplify processes like used car financing and insurance, offering a more streamlined experience for both buyers and sellers in the automotive market. Concurrently, CarDekho introduced Gaadi by CarDekho and inaugurated CarDekho stores in the National Capital Region (NCR) in January 2019, diversifying its services to cater to a broader audience.

In September 2021, CarDekho shifted its strategy to require thorough home inspections before car purchases, resulting in the closure of over 20 stores. This move reflects CarDekho's confidence in the efficiency of the home inspection model, prompted by changing market dynamics post the COVID-19 crisis and showcasing the company's adaptability to industry challenges.

CarDekho launched Rupyy

This new platform offers a whole new horizon of financing alternatives to the customers and retailers of automobiles. With the birth of Rupyy, CarDekho aims to empower customers with easy and convenient methods to apply for and receive approval for their auto-financing requirements. According to the CarDekho statement, Rupyy is an end-to-end digital platform that is designed to make the loan journey smooth and hassle-free for customers.

Rupyy work via a QR code-based onboarding process at vehicle dealerships and loan companies. This QR code-based process guides the customers with a self-help path running video KYC, e-NACH, and e-Agreement technologies, which helps them approve their loans right at the point of sale within a few minutes.

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Financials

Expenses Breakdown

CarDekho total expenses rises from Rs 1,277 crore in FY21 to Rs 2,170 crore in FY22.

EBITDA

CarDekho - Advertisements and Social Media Campaigns

The auto-tech startup CarDekho, along with brand ambassador Akshay Kumar, presented advertising campaign called "Sapna re." The brand has emphasized in the advertisement the importance of fulfilling the desire of car ownership for Indian middle-class consumers. Akshay Kumar makes an appearance in a new guise in this campaign as a father who has promised to purchase his little child a car.

CarDekho - Awards and Achievements

Some of the noteworthy awards that CarDekho received in its early days were:

• "Best" and "Most Popular" Auto Website of 2016
• Website of the Year India 2014 in Automobile Category
• Best Car Website of 2012
• Most Popular Website of 2012
• Website of the Year, India 2011 and 2012
• Best Automotive Website of 2009

CarDekho - Competitors

Other online marketplaces in India that deal with and cater to the same set of the target audience are:

• Droom
• Quikr
• Olx
• Cars24
• Mahindra First Choice Wheels

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CarDekho - Future Plans

CarDekho was looking to expand its business to Southeast Asian markets as per news of 2021. The company, according to the co-founder and President Umang Kumar, was aiming to establish its leadership in the automobile ecosystem of the region. CarDekho has expanded its footprints into Southeast Asia following the acquisition of Carmudi, as per news on October 4, 2023.

Mayank Gupta, CarDekho Group CFO, regarding the startup's growth plans, said, “With scale, leverage, efficiencies, and process improvements, we are trying to contribute towards our total EBITDA level profitability, and that is what we intend to achieve before the IPO.”

CarDekho has therefore kept its growth plans on track and expects great growth in the future.

FAQs

Who is CarDekho Founder?

Amit Jain and Anurag Jain are the founders of CarDekho. Umang Kumar has also been the co-founder of the company since CarDekho acquired Gaadi.com.

Is Cardekho reliable? How are CarDekho cars?

Yes, CarDekho is reliable. It is, in fact, one of the most trusted places for certified pre-owned cars. CarDekho cars are thoroughly inspected and come with a 6 months warranty along with a 7-day money-back guarantee.

What is CarDekho net worth?

CarDekho has a net worth of $1.2 billion as of November, 2023.

Who is Amit Jain?

Amit Jain is the CEO and co-founder of CarDekho.

What is CarDekho Revenue Model?

The primary mediums through which CarDekho earns its revenue are:

• AdSense
• Sponsored Advertisements
• Commissions from the manufacturers and dealers
• Affiliate marketing
• Lead generation
• Car insurances

How much funding has CarDekho raised?

So far, CarDekho has raised a total of $497.5 million spread across 9 funding rounds to date.