Getting a car used to be very tough before the proper development of the internet in India. Today we have numerous apps and online portals that make the process relatively easier for everyone. CarDekho is one such platform.
Established in 2008 by Amit Jain and Anurag Jain, Cardekho is a notable car search venture that helps the users find matching new and used car needs and buy them without any troubles. ‘Car Dekho’ was begun by two talented siblings Amit Jain and Anurag Jain, from the Tier II city of Jaipur. It continued to turn into an innovator in vehicle classifieds.
Here’s the report to understand the story of cardekho, success of its founders, analyzing competitors, acquisitions, business insights and revenue model, and the journey towards cardekho IPO and how it became a startup unicorn.
First, CarDekho – the entity of ‘GirnarSoft’, maintained by the duo brothers Amit Jain and Anurag Jain from Jaipur; is a web portal in easiest terms has almost everything anything and everything about an automobile. It is a web platform that not just places vehicles for sale but also provides many services such as insights regarding the automobile business, fresh updates like newly shot car images and videos, car specialities, prices or other car specifications in the most definite language for everyone to understand. Also, CarDekho has different ventures related to the automobile industry and equipment; Gaadi store, Car insurance, Health insurance, Loan against cars, and also deals in car tyres. They deal in accessories such as stickers, floor mats, navigators, seat covers, tyres, alloy wheels, stereos, car perfumes, etc.
How was CarDekho Founded?
All of this began when these brothers left their jobs and came back to their hometown for some particular reasons. And instead of going into their family business of ornaments, these mates thought of starting their firm. Ultimately, the founder duo finalized doing what they were best at. And this drove them to launch GirnarSoft, an IT outsourcing corporation.
They started by pitching emails to get high-ticket clients on the portfolio. But clearly, this was a tiresome task and tested their determination. And after shooting billions of emails and making thousands of calls, they lastly got onboard their first client! Though this project didn’t pay them that much, it commenced towards another project and building a succession of references. Following this, they started hiring and gathering funds to initiate their project, and thus, CarDekho was found.
A lot of speculation and planning had gone after launching CarDekho but what influenced them was Amit’s visit to the international AutoExpo. Now, even though startup CarDekho was established and a lot of importance was given to the conceptualization of the idea and product but the company had a clear decision that the service business shall keep running. After all, a specific source of revenue was of absolute necessity.
CarDekho – Business Model, Growth and Revenue
Since the launch, business model of CarDekho has been simple from the very first day. There are fundamentally three signs of revenue generation:
- Revenue generated through Google AdSense,
- Revenue made by sponsored advertisements,
- A commission from the manufacturers and dealers.
CarDekho is one corporation that is a part of the whole process from the start until the end and assures that the customer is satisfied. Because of this, it didn’t take much time for them to gain good traffic.
CarDekho developed its iOS application a month after the Android application was made live on google playstore, which achieved 100,000 downloads in just a month. In 2014, its unique visitors on the web portal multiplied by two times, and the revenues increased by 3x.
By 2014, they were on the heights of the segment with dignity and a team of more than 600 employees. CarDekho originated new divisions BikeDekho, PriceDekho, MobileDekho, and many other related portals beneath its umbrella.
CarDekho – Potential Competitors in Market
Other online marketplaces in India that deal and provide to the same set of the target potential customers are Cars24, Droom, Quikr, and Olx, to just name a few.
Apart from these CarWale, CarTrade, Droom Technology also giving a tough competition to Car Dekho.
CarDekho Funding Rounds
CarDekho startup has accumulated a total of $497.5M in funding over 9 rounds. Their latest funding was raised on Oct 13, 2021, from a Series E round valuing it at $1.2 billion, making it India’s 33rd unicorn in 2021. Nineteen investors invested in CarDekho. Sunley House Capital Management and Sequoia Capital India are the most novel investors. Here is a list of all the funding rounds of CarDekho: