CarDekho FY 19 annual revenue soars up by 62% to $ 53 million
Hyderabad, 16th April 2019: CarDekho, the flagship portal of GirnarSoft, announced its annual result today for financial year 18-19. The company recorded massive revenue growth of 62 % in its overall business in comparison to last year. The revenue from used car transaction services business achieved an impressive year-over-year growth of 140 %. The business unit posted a $21 million exit run rate in FY19. This year CarDekho has also been able to reduce its pre-marketing operation burn by 8% to $ 0.2 million. EDITDA remained positive for the year which will help in investment for business in FY 19-20.
The Q4 result of CarDekho remained most promising scaling the group’s revenue growth by 70% and used car business growth by 340% given the rapid expansion of CarDekho’s transaction business across finance and insurance market place. The company ‘s exit revenue run rate growth has been 30 % in this quarter. The company has also been able to achieve 43% YOY growth in its new car business sales.
On the scintillating yearly performance, a delighted Mr Amit Jain, Co-Founder and CEO of CarDekho said, “We have made great inroads towards our goal of defining, moulding and playing a larger role in India’s Automotive Ecosystem. With the sole focus on becoming ‘OEM’ of used cars in India, we strengthened our focus on supply and demand side transactions for channel partners. Going ahead, we plan to streamline the business more and add further value to our customer's experience. We have delivered on the financial commitments that we had set for ourselves and our shareholders by achieving such encouraging growth this year. At the same time, we have been able to control our operating burn while continuing to invest in future growth priorities.”
This year, CarDekho expanded its new car dealer partnerships to more than 2500 dealers via partnerships with OEMs and independent dealers and contributed to 310K+ transactions worth over $1.2 Bn (new cars & bikes) for the OEMs and dealers. The company also launched ‘Gaadi by CarDekho’, its consumer to dealer retail auctions business, which has witnessed phenomenal success and posted transactions of over 800 cars across 12 stores in Delhi-NCR (accounting for 15-20% market share), all this within two months of its launch. It has now forayed in the southern market with 12 new stores in Bengaluru and plans to increase it to 200 stores by 2020.