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CarDekho parent Girnar Software’s revenue increased 38% YoY to $17.5M in FY17

Girnar Software Pvt. Ltd., which operates CarDekho, Gaadi and ZigWheels, reported revenues of $17.5 million for the year ended March 31, 2017 (FY17), which was up 38% year-on-year (YoY). The company mentioned that its EBITDA burn reduced by 22% YoY to a current monthly rate of less than $ 0.6 million.

In terms of traffic, the company claimed that in the month of March 2017 it witnessed 40 million unique monthly visitors and 225 million monthly pageviews across its auto portals, which was up 45% YoY from the traffic it got in March 2016. Girnar also claimed that across the multiple apps the company operates, including CarDekho, Gaadi, ZigWheels, BikeDekho and CarBay, there have been 4 million Android app downloads thus far.

CarDekho highlights

New cars segment (includes new cars, bikes and auto finances)

  • Revenue increased 33% YoY.
  • 8,000 cars sold per month for partner OEMs and auto dealers through lead generation.
  • Over 1000 new car dealers added on the platform, while average revenue per dealer stood at $120 per month.

Used cars segment

  • Revenue increased 72% YoY, but Q4 FY17 was negatively affected by demonitisation.
  • Currently, 2400 used car dealers on the platform with over 50,000 new listings per month.
  • Used car finance provided to over 300 customers per month. The facility is active with 138 dealers at present.
  • Processing over 1000 vehicle insurance policies per month. It is active with 145 dealers as of now.
  • Also receives about 20,000 used car listings per month from individual car owners.

CarDekho funding: The company had raised an undisclosed amount of funding from Google Capital and existing investors Hillhouse Capital in March 2016. Prior to this CarDekho had raised $50 million from Hillhouse Capital, Tybourne Capital, and Sequoia Capital, an undisclosed amount from Ratan Tata, and an undisclosed amount of funding from HDFC Bank in the first half of 2015. Previously, the company had also raised $15 million from Sequoia Capital for a reported 20% stake in 2013.

Since March 2016; CarDekho has launched an auto insurance vertical, launched a loan platform for used car dealers, a vehicle battery research and discovery portal called BatteryDekho, acquired Times Internet’s auto portal Zigwheels, launched CarBay in Malaysia and Thailand, and launched a tyre information research and discovery platform TyreDekho. Earlier, Girnar Software had acquired price comparison website BuyingIQ in April 2015, and had acquired Ibibo’s automobile website Gaadi.com for a reported $11 million in September 2014.

Girnar Software had also invested seed funding worth $1 million in Gurgaon-based CollegeDekho, an online platform which lists college across streams in the country and offers test preparation material, in December 2015.

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