CarDekho Group Loss At Rs 562 Crore In FY23; Claims Profitability In Q2 FY24
The Amit Jain-led CarDekho Group, apart from its own Southeast Asia business, has posted a near 50% spike in revenue, even as losses widened.
The Jaipur-headquartered startup group, which has subsidiaries such as insurtech platform InsuranceDekho and fintech Rupyy, has posted a 46% rise in revenue at Rs 2,331 crore in FY23, from Rs 1,600 crore posted in FY22.
"The company has been able to maintain a strong growth trajectory due to its growth engines like InsuranceDekho, Rupyy and its Southeast Asia business, the largest autotech and used car financing platform in the region," the company said in a statement.
Its loss crept up slightly, with Rs 562 crore in the red in FY23, as compared with Rs 535 crore in FY22. "The group recorded a significant improvement in profitability in H2 of FY23, due to the benefits of operational leverage and the reset of the used car business," it said.
Last year, CarDekho Group discontinued its used car franchise retail and consumer-to-dealer businesses, citing "inviable unit economics and strategic decision of prudent capital allocation, moving towards an asset-light business model".
The group also claims its core business has turned Ebitda positive in the first two quarters of FY24, as well as full profitability for the second quarter of FY24.
The group says it has a cash reserve of over Rs 1,200 crore at the group level, "dedicated to growth projects both organically and inorganically". A large chunk of it would be deployed with InsuranceDekho, which has raised north of Rs 1,700 crore since February this year.
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