Growth and private equity investors Navis Capital Partners (Navis) and Dragon Fund led the $60 million first external funding round for CarDekho SEA, the Southeast Asia business unit of digital automotive solutions provider CarDekho Group. After this round, the total amount of money raised has surpassed $100 million.
In addition to supporting further expansion into the used auto financing sector in the Philippines, the proceeds will be utilized to improve the group’s current capabilities in Indonesia with regard to used car and bike financing, used car refinance, and classifieds.
Following its acquisition of Carmudi, which was primarily owned by Rocket Internet, a German company, CarDekho made its debut in the SEA region in 2021. In nations like Thailand, the Philippines, and Indonesia, CarMudi conducts business via Carmudi and OTO.com. Umang Kumar leads the group’s SEA entity and, according to sources, owns a sizable stake in the subsidiary.
With a 3% market share in Indonesia’s used car finance industry, CarDekho SEA presently collaborates with more than 40 financiers. In the region, the company owns and runs a number of brands, such as Zigwheels Philippines, Carmudi Philippines, and OTO Indonesia.
With over 200,000 disbursements, over $1 billion in gross merchandise value (GMV), partnerships with over 50 financiers, and 20,000 dealers and retail agents, CarDekho SEA claims to have experienced tremendous growth since its 2020 launch. The company’s GMV has increased 50 times in the last three years, indicating exponential growth.
In addition, the group continues to lead online traffic, receiving over 5 million visits per month in Indonesia and 2 million in the Philippines. It is also well-known in Thailand, Malaysia, Singapore, and Vietnam.
The CarDekho Group reported a slight 3.5% decline in revenue to Rs 2,250 crore FY24. The group runs websites such as CarDekho, InsuranceDekho, BikeDekho, PriceDekho, and Rupyy.com.
Amit Jain, the CEO of the company, said that the closure of the used car division was the reason for the decline in revenue.
