New Delhi, Nov 29 (IANS) CarDekho Group, an auto-tech and fintech solution provider, posted a Rs 340 crore consolidated loss in FY 24. In FY23, it was Rs 562 crore.
On a standalone basis, the company recorded a profit of Rs 37 crore in FY24 as against a loss of Rs 143 crore in FY23.
The company’s income increased by 54 per cent on YoY (year on year) to Rs 2,074 crore in FY 24 which was Rs 1,347 crore in FY 23.
According to the company, the reason for the increase in income is the excellent performance of the insurance unit InsuranceDekho and the fintech platform Rupyy.
InsuranceDekho has received a premium of Rs 3,300 crore in FY24. InsuranceDekho focuses on tier 2 and rural cities. The company has a large network of 1.5 lakh agents, which are present in more than 1,500 cities.
Rupyy, which is the used car financing platform of CarDekho Group. It has a 15 per cent share in the used car finance market. The company’s annual run rate is more than $ 2 billion. The company has more than 36 banking partners.
During the year, the Group secured approximately $80 million (Rs 675 crore approx) in growth capital, led by marquee investors.
The Group acquired Revv in 2023, a shared mobility platform. At its peak, Revv managed a fleet of over 1,000 cars, serving more than 5 million delighted customers. In FY25, the Group also made a strategic investment in fleet management services startup Carrum to help drive its sustainable mobility portfolio. Capitalizing on futuristic market opportunities, CarDekho intensified its emphasis on deep-tech advancements by investing in Girnar AI Innovations Lab and BiUP Technologies, driving innovation in AI-powered mobility solutions.
Cardekho Group was founded in 2008. It operates companies in Insurtech (InsuranceDekho), Fintech (rupyy), and Shared mobility space (Revv), and also operates India’s leading automobile content portals such as CarDekho.com, BikeDekho, ZigWheels, Powerdrift, etc.
The Group is backed by marquee investors like Peak XV(Sequoia), Hillhouse Capital, CapitalG, Ratan Tata Trust, Leapfrog (ESG-focused investment fund), HDFC Bank, ICICI Bank, and Axis Bank, amongst others.
–IANS
avs/dpb
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
