CarDekho SEA, the Southeast Asian arm of the digital automotive solutions provider CarDekho Group, has successfully raised $60 million in its inaugural external funding round. The investment was led by growth and private equity firms Navis Capital Partners (Navis) and Dragon Fund. This funding brings the total capital raised by CarDekho SEA to over $100 million.
The new funds will be strategically used to bolster CarDekho SEA’s existing operations in the used car and bike financing, refinancing, and classifieds sectors in Indonesia. Additionally, the capital will support the company’s expansion plans in the Philippines’ burgeoning used auto financing market.
CarDekho made its entry into Southeast Asia in 2021 through the acquisition of Carmudi, which was previously controlled by Germany’s Rocket Internet. The acquisition included Carmudi’s operations in key markets such as Indonesia, the Philippines, and Thailand, now operating under the OTO.com and Carmudi brands. Under the leadership of Umang Kumar, who holds a significant stake in CarDekho SEA, the subsidiary has made notable strides in the region.
In Indonesia, CarDekho SEA currently holds a 3% market share in the used auto finance sector and collaborates with over 40 financiers. The company also manages multiple brands in the region, including OTO Indonesia, Carmudi Philippines, and Zigwheels Philippines.
Since launching its operations in Southeast Asia in 2020, CarDekho SEA has achieved remarkable growth, including over 200,000 disbursements and surpassing $1 billion in gross merchandise value (GMV). It has built partnerships with more than 50 financiers and 20,000 dealers and retail agents, marking a 50-fold increase in GMV in just three years.
CarDekho SEA also leads in online traffic in the region, with over 5 million monthly visits in Indonesia and 2 million in the Philippines. The company also has a notable presence in Thailand, Malaysia, Singapore, and Vietnam.
Despite a modest 3.5% decline in revenue to Rs 2,250 crore in FY24, largely due to the closure of its used car business, CarDekho Group continues to see growth in its digital automotive platforms, including CarDekho, InsuranceDekho, BikeDekho, PriceDekho, and Rupyy.com.
CEO Amit Jain noted that the revenue dip was a result of the decision to close the used car business, allowing the company to focus on higher-growth areas, including its rapidly expanding Southeast Asian operations.
