CarDekho Group Achieves Turnaround with Profitable FY24

CarDekho Group has achieved a standalone profit of Rs 37 crore in FY24, a significant turnaround from a Rs 143-crore loss in FY23. The company reported Rs 2,074 crore in net revenue, with notable performance in its insuretech and fintech segments. The group also raised USD 80 million in growth capital.

CarDekho Group, an autotech and financial solutions provider, reported a standalone profit of Rs 37 crore for the fiscal year 2023-24. This marks a significant turnaround from a Rs 143-crore loss in the previous fiscal year.

The group's net revenue from operations, considering discontinued used cars, rose to Rs 2,074 crore, showing a 54% year-on-year increase from Rs 1,347 crore in FY23. This growth was primarily driven by the strong performance of its insuretech arm, InsuranceDekho, and fintech platform, Rupyy.

CarDekho continued its expansion through strategic mergers and acquisitions, including the acquisitions of Revv and Carrum. The group also secured about USD 80 million in growth capital, further solidifying its market leader position and readiness for an IPO, according to CFO Neelesh Talathi.

(With inputs from agencies.)