NEW DELHI, Mar 28: Autotech and financial solution provider CarDekho Group is eyeing over 40 per cent consolidated headline growth in FY25 and is on the prowl for value-accretive acquisitions, chief executive and co-founder and Shark Tank India judge Amit Jain has said.
Jain who leads CarDekho and is a familiar face on the business reality series Shark Tank India told PTI in an interview that the automobile marketplace (CarDekho) has been profitable for years now and hoped that profitability at a group level would come by in FY25, after which an IPO would follow.
Jain described CarDekho as a “growth story with sustainability” and said the Group expects to notch 50 per cent growth (CAGR) in the current fiscal, with businesses like InsuranceDekho (insurtech platform) and Southeast Asia Business aiding growth.
The South East Asian market (Indonesia, the Philippines, and Malaysia) is yielding strong numbers, he said, adding that the company is evaluating the Middle East market (UAE and others) as the next phase of overseas expansion for the coming financial year.
“About 4-5 years back we went to Indonesia, started our office, and expanded significantly, now is the time to go to new horizons so we can plant more seeds for future growth,” Jain said.
The company has a culture of fostering entrepreneurship from within, Jain said and added CarDekho Group encourages the incubation of ideas and once the businesses reach a critical mass and scale, they are spun off.
“I look at it (incubation and entrepreneurship within company) very differently…With empowerment of other business leaders, you gain a lot more…The Group encourages entrepreneurship…,” he said.
Going forward, CarDekho Group is looking to build more offerings that would cater to car owners’ holistic requirements and provide greater value propositions to users.
“Imagine a platform which is for car owner, he can order a driver if he wants, or car, he can pay for fast tags, or order tyres…Basically combine the whole mobility requirements into the platform, in a way,” Jain said explaining the long term vision for the Group’s offerings and services.
“This year we expect to clock about 50 per cent growth as a group on a consolidated basis. For future also we are looking at 40 per cent plus CAGR as we move forward in the journey,” Jain said.
The company is eyeing lucrative M&A opportunities and is on active look out for potential buys. The acquisitions could be small or large, but will have to be value-additive to the Group, he said.
In a strategic move, CarDekho Group in December 2023 announced its foray into the shared mobility ecosystem through the merger with Revv. The merger allows CarDekho to offer shared mobility services addressing the evolving needs of Gen-Z customers.
Established in 2008 by brothers Amit Jain and Anurag Jain, CarDekho started as an online review portal for car reviews in the tier-2 city of Rajasthan – Jaipur.
Since its inception, the entity has transformed from being a car review platform to a unicorn, and a house of brands with auto and non-auto solutions businesses.
It also houses fintech and, insurtech brands like InsuranceDekho and Rupyy.
Recently, the Group has merged with the shared mobility platform Revv to offer a comprehensive automotive experience. (PTI)
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