Cardekho: The journey from collecting Brochures of the Cars to $500 million valuation

Cardekho was launched in 2008 by sibling duo Amit Jain and Anurag Jain in Jaipur,India. The journey began when two brothers started collecting brochures of the cars during Delhi Auto Expo in 2008 which was later uploaded in website . After 2 months of research and preparation CarDekho – an online classified platform to compare cars and read specifications went live.

Amit Jain and Anurag Jain

Although the platform was ready in 2 months, Jain brothers had hard time to make money from this business.  Jain brothers kept funding CarDekho through their software development company  revenue, Grinarsoft’s service.

The company was bootstrapped  till 2013 and received its 1st funding of  $15 million from Sequoia Capital in 2013. In initial days the major source of revenue was through advertising.  It has changed now. The major portion of revenue is generated by selling  leads to dealers.

CarDekho  currently works  with more than eight car and motorcycle manufacturers and impacts  15-30 per cent of their combined annual sales. In addition, the company works in collaboration with more than 10 financial institutions across the country to facilitate used car financing.

Reportedly the platform has over  39 million monthly unique visitors  and six million plus apps downloads . It is understood that  revenue of the company  went from $16.3 million in the 2017  to  $22.8 million in 2018.

The company raised a massive $100 million in its latest investment round recently in a Series C funding round from existing investors Sequoia India, Hillhouse Capital, Alphabet’s growth investment arm Capital G and Axis Bank  at $400-500 million valuation.

The company also has also made international  a presence  under the brand names of ZigWheels and OTO, covering countries such as Malaysia, the Philippines and Indonesia.

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