The automotive industry was an epicenter of activity with profitable prospects in 2008. In an attempt to capitalise on the excitement, everyone joined the party and opened their own auto dealerships or companies.
Nevertheless, a significant gap was present in the midst of the frenzy: a dearth of unbiased, transparent, and dependable information regarding automobiles. CarDekho identified this need and began with a straightforward yet ingenious business plan by giving customers accurate and trustworthy vehicle information.
Let’s take an intriguing tour of the CarDekho business model’s many components to encourage aspiring young entrepreneurs to investigate comparable complex opportunities-
Two brothers, Amit and Anurag Jain (CarDekho founders), came up with the bright concept to launch CarDekho.com in 2008 as a one-stop shop for everything related to cars. It began modestly, resembling a car guidebook. CarDekho.com quickly grew as more people visited it, adding professional reviews, vehicle prices, and buying/selling advice. With its headquarters located in Jaipur, CarDekho has footprints in India, Indonesia, Malaysia, and the Philippines.
The main purpose of CarDekho’s introduction was to provide a comprehensive and open source of information about cars. With all the clear and objective information on the car, greatly aids potential buyers and increases CarDekho’s credibility and trustworthiness.
CarDekho helps consumers find the answers to their automobile-related questions by providing thorough information about a variety of cars, which ultimately helps them select the best car for their requirements. Currently, CarDekho runs a number of well-known Indian auto portals, including PowerDrift.com, Gaadi.com, ZigWheels.com, BikeDekho.com, and CarDekho.com. Customers can sell their used automobiles at its CarDekho Gaadi stores, and they can purchase used cars at its CarDekho Gaadi Trust Mark Stores.
CarDekho Business Model Canvas
CarDekho is a leading online platform in India that helps users buy, sell, and research cars. It offers detailed car reviews, price comparisons, and connects users with dealers, lenders, and insurers. Below is the Business Model Canvas that outlines how CarDekho creates, delivers, and captures value:
CarDekho Business Model Canvas
1. Key Partners
Car manufacturers and dealerships
Insurance companies
Loan/finance providers
Affiliate partners (accessories, warranty)
Content creators and influencers
2. Key Activities
Listing cars and comparing prices
Generating leads for dealers
Certifying and inspecting used cars
Creating automotive content (reviews/videos)
Running Gaadi stores (buy/sell used cars)
Managing subscriptions (CarDekho Plus)
3. Value Propositions
All-in-one platform for buying/selling cars
Verified and detailed car information
Easy connection with top local dealers
Car financing, insurance, and accessories support
Certified used cars with trust and transparency
4. Customer Relationships
Online support via chat or call
Social media and YouTube engagement
Personalized tools (car matcher, recommendations)
Loyalty via CarDekho Plus subscription
5. Customer Segments
New and used car buyers
People selling their used cars
Car dealers and manufacturers
Auto enthusiasts and video viewers
Customers seeking loans, insurance
6. Channels
CarDekho.com and sister sites (BikeDekho, Gaadi, etc.)
CarDekho discovered that only those who are interested in buying a car will use the website to view the models’ specifications. As a result, after gaining the trust of the public with truthful data, they also made the process of buying a car easier by connecting the prospective buyer with the local top sellers and created a profitable business model. The company makes money through various modes:
Generating Revenue Through Advertising
CarDekho gives automakers and dealerships a range of advertising choices to advertise their goods and services. The business charges for sponsored content, banners, and display adverts on its website and mobile app.
Guiding the Customers and Generating Revenue
CarDekho connects automakers and dealerships with prospective customers to create leads. Depending on the buyer’s interest and budget, the business charges a fee for each lead it generates.
Subscription Model
“CarDekho Plus,” a premium subscription plan offered by CarDekho, gives consumers access to extra perks like longer warranties, free insurance, and exclusive discounts. For this service, the business charges a fee that is renewed annually.
Partnering with Third-Party Companies
CarDekho collaborates with a number of other businesses to market their auto-related goods and services, including finance, insurance, and accessories. Every sale made via the company’s affiliate links results in a commission for the business.
The core of CarDekho’s business strategy is offering a comprehensive platform for both car buyers and sellers, in addition to other value-added services. The business is a major force in the Indian automobile sector since it makes use of its extensive network and data insights to produce income through a variety of channels.
CarDekho is the biggest consumer-facing internet site in India, with 50 million unique visitors each month, the largest automotive social networking platform, and the top player of automotive video content, with over 3 million YouTube subscribers.
SWOT Analysis of CarDekho
CarDekho SWOT Analysis
CarDekho Strength
For the first time, CarDekho reported a profit of INR 37 crore (excluding unusual items) in FY24. Compared to a loss of INR 143 crore in FY23, this was a major turnaround.
Additionally, consolidated losses decreased to INR 340 crore from INR 562 crore in the prior fiscal year. These numbers indisputably show that the business is turning a profit again.
CarDekho Weakness
The majority of consumers feel apprehensive about the method CarDekho uses to evaluate cars and assign a price.
Most of the customers believe that the price they are paying is far lower than what they would have received otherwise.
CarDekho Opportunity
Since the company has already launched its operations internationally, it can further expand its wings to other countries in order to increase its business operations.
CarDekho Threats
Competition is getting very intense in this domain.
With startups like Spinny signing sports icon Sachin Tendulkar to promote their brand, it is critical for CarDekho to always look for new business opportunities in order to stay ahead of the competition.
Conclusion
The success of Car Dekho can be linked to its creative business strategy, customer-focused mindset, and efficient use of technology. Amit and Anurag Jain, the company’s creators, have successfully established a distinctive online marketplace that serves the requirements of automobile buyers and sellers throughout India. Car Dekho is in a strong position to take advantage of the prospects and increase its market share as the Indian auto industry grows.
FAQ
Is CarDekho a B2B or B2C?
CarDekho operates as both B2B and B2C.
Who owns CarDekho?
CarDekho is owned by GirnarSoft, founded by Amit Jain and Anurag Jain.
What is CarDekho?
CarDekho helps users buy, sell, and compare cars, providing vehicle reviews, insurance, and financing options.
How does CarDekho make money?
CarDekho makes money through ads from car brands and dealers, lead generation fees, paid subscriptions (CarDekho Plus), commissions from loans and insurance, and used car sales at its Gaadi stores.
What are CarDekho business model revenue streams?
CarDekho’s revenue streams include advertising, lead generation fees from dealers, CarDekho Plus subscriptions, commissions from finance and insurance partners, and income from selling used cars through Gaadi stores.
Is CarDekho profitable?
Yes, CarDekho is now profitable. In FY 2024, the company posted a standalone profit of INR 37 crore (excluding exceptional items), marking its first full-year profit after an INR 143 crore loss in FY 2023. Consolidated losses also improved significantly, dropping from INR 562 crore in FY 2023 to INR 340 crore in FY 2024.
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The emergence of the internet has transformed the car-buying experience positively, making it much more accessible and convenient than before. Today we have a lot of online portals that will take you through the process effortlessly. One such portal is CarDekho.
Founded by Amit Jain and Anurag Jain in 2008, CarDekho is a prominent car search venture that helps users find fitting new and old car variants and buy them without any hassles.
Here’s the StartupTalky article to know about CarDekho, its founders, competitors, business and revenue model, startup story, funding, investors, acquisitions, and more.
CarDekho, a creation of ‘GirnarSoft‘ founded by Amit and Anurag Jain, stands as a comprehensive online platform dedicated to all things automotive. Both the web app and the CarDekho.com website house a wealth of rich automotive content. This includes expert reviews, detailed specifications, pricing information, andcar comparisons, as well as an extensive collection of pictures and videos covering a diverse array of car brands and models available in India.
Furthermore, CarDekho provides valuable insights into the automobile industry, ensuring users stay updated with fresh content, recent launches, and industry trends.
CarDekho – How it Works?
CarDekho offers consumers a smooth 360-degree experience by acting as a virtual auto dealer. Users of the platform can peruse through a number of categories, future autos, and new releases. Furthermore, CarDekho has its own online store with a large selection of automobile accessories, including sun films, car stereos, stickers, floor mats, and more. In addition, it also provide car loan for new car used car and refinances for the existing car.
Company maintains an active automotive forum where industry professionals and reviewers respond to user-posted questions about cars in an effort to promote community involvement. In general, CarDekho creates a comprehensive and effective automobile platform by fusing technological know-how with user-friendly interfaces.
CarDekho is the product of ‘GirnarSoft’ owned by the founder duo, Amit and Anurag Jain. CarDekho is a web app that has almost anything and everything about an automobile. Both the app and the CarDekho.com website boast rich automotive content including but not limited to expert reviews, detailed specs, and prices of cars, comparisons of cars, pictures, and videos of an exhausting range of car brands and models available in India.
India’s automotive market grew rapidly, hitting $121.5 Billion in 2024 and expected to reach $247.4 Billion by 2033, with a notable compound annual growth rate (CAGR) of 7.13 % from 2024 to 2033. India is a well-known center for the production of automobiles worldwide. Its low production costs are a result of cheap labor, a plentiful supply of raw materials, and a depreciating currency. India is a key player in the global automotive industry, producing more than 4 million cars a year, making it the fourth largest automobile producer in the world.
CarDekho – Founders and Team
Amit Jain and Anurag Jain are the founders of CarDekho. Amit Jain is the CEO and co-founder, while Anurag Jain acts as the COO and co-founder at CarDekho. Umang Kumar has also been the President and co-founderof the company.
Amit Jain
Amit Jain – Co-founder and CEO at CarDekho
Amit Jain is an IIT Delhi alumnus from where he obtained a BTech degree before going on to join Tata Consultancy Services. Leaving TCS after serving the company for around one year, Amit joined Trilogy, where he went to be a Product Manager. Jain next started with GirnarSoft as the CEO and co-founder of the company, which he is still serving at the present. Amit Jain is also the CEO and co-founder of CarDekho.
Anurag Jain
Anurag Jain – Co-founder and COO at CarDekho
Anurag Jain is also an IIT Delhi alumnus who has obtained an Integrated Master of Technology in Mathematics and Computing. Jain was a Senior Systems Consultant at i2 Technologies after which he joined Sabre Holdings as a Senior Operations Research Analyst. Anurag is serving as the COO and co-founder at GirnarSoft.
Both the founder and his brother were born on November 12th, and they both finished their education at St. Xavier’s School in Jaipur. Both of them continued their education at IIT Delhi, where Anurag studied computer science and mathematics and Amit chose to major in civil engineering. Amit was interested in products and technology-related items because he and his brother had worked in the corporate sector for about eight years, having worked for businesses such as TCS and Trilogy.
Umang Kumar
Umang Kumar – Co-Founder and President at CarDekho
Umang Kumar was earlier the co-founder of Gaadi.com, but ever since the latter has been acquired by CarDekho, Kumar has been associated with the team, where he has been serving as the co-founder and President at CarDekho. Umang Kumar is an alumnus of Visvesvaraya Technological University, from where he obtained a BE degree in Computers. Kumar next went on to pursue a Post Graduate Diploma in Management from the Indian School of Business and then joined the Harvard Business School for the Naspers program in General Management, Strategy and Leadership. Before joining Gaadi Web as the co-founder and CEO, Umang founded another company, Accentium Web. During his career, Umang served a couple of other companies, 9.9 Mediaworx and ABP, where he served in key leadership positions.
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In January 2008, the Delhi Auto Expo inspired brothers Amit and Anurag Jain to start their own business to make buying a car easier. Cardekho.com was launched in March 2008, with the brothers starting the business from their garage foundation. As a result of their vision and influence on the automobile retail industry, their creation is valued at an astounding $1.2 billion.
In the early days of their startup journey, the Jain brothers encountered initial challenges, particularly in their outreach to potential customers through phone calls and emails. When they finally got their first client, their persistence paid off, and they embarked on a modest but eventually fruitful journey that led to several referrals and more jobs. CarDekho’s early success served as the impetus for its growth. Equipped with an expanding workforce, amassed capital, and a well-defined idea, they formally introduced CarDekho, signifying a noteworthy turning point in their endeavor to revolutionize the automotive sector.
CarDekho – Startup Launch
A lot of thought and conceptualizing went into building CarDekho after its launch. Even though the company had been launched, they kept their IT consultancy services ongoing because the founders wanted the primary income to keep flowing. CarDekho is one of those companies that take the consumer through the whole process, from the start to the end and during the process, to make sure that the customer is satisfied.
Like all the other entrepreneurial ventures, this company too was a little slow in the beginning, but when it geared up the pace, the founders never looked back. And soon enough, its numbers did the talking when they roared success out loud to the world.
CarDekho.com has launched many innovative features to ensure that users get an immersive experience of the car model before visiting a dealer showroom. The standout feature is the “Feel The Car” tool, providing a 360-degree view of the car’s interior and exterior. It goes beyond visuals, incorporating authentic sounds and feature explanations through engaging videos. It also offers features for searching and comparing cars by the makes, models, prices, features, and more. Furthermore, it also provides live offers and promotions in all cities.
Along with the above consumer product features, CarDekho.com provides a rich array of tech-enabled tools to OE manufacturers and car dealers. These consist of lead management applications for dealer sales executives, call tracking services, cloud-based sales performance monitoring, digital marketing assistance, virtual online showrooms, and outsourced lead management operational procedures that move customers from inquiry to sale.
The company’s vision is to establish a comprehensive ecosystem that links automakers, dealers, consumers, and associated businesses. There goal is to make it simple for customers to buy and sell cars while handling every aspect of car ownership, such as coordinating the purchase of accessories, tires, batteries, insurance, and roadside help.
CarDekho – Name, Logo and Tagline
CarDekho Logo
The naming of CarDekho has been done because the website aims to help users to browse through cars and car-related information. The tagline of CarDekho says, “Bharosa Kar Ke Dekho.”
CarDekho – Business Model
CarDekho operates as a pivotal online marketplace, serving as a nexus between buyers and sellers of automobiles. Its fundamental business model centers on offering consumers an all-encompassing platform for researching, comparing, and acquiring both new cars. As an information-based e-commerce platform, CarDekho delivers insightful content to cater to auto enthusiasts. Moreover, it seamlessly functions as an eCommerce platform, ensuring a seamless and convenient experience for individuals immersed in the car-buying process.
CarDekho – Revenue Model
The revenue model of CarDekho has been simple and clear-cut since day 1.
Here are the primary mediums through which CarDekho earns its revenues:
Advertising: To help automakers and dealerships advertise their goods and services, CarDekho provides a range of advertising alternatives. On its website and mobile app, the business charges for sponsored content, banner ads, and display ads.
Lead Generation: CarDekho seamlessly connects manufacturers and vehicle dealerships with potential customers, generating leads. The fee for each lead is customized based on the buyer’s budget and level of interest, ensuring a dynamic and value-driven cost structure.
Subscription Model: CarDekho presents a premium subscription model, “CarDekho Plus,” offering users exclusive benefits like discounts, free insurance, and extended warranties. The service comes at a fee, renewable annually.
Affiliate Marketing: Partnering with third-party companies, CarDekho promotes products and services related to cars, earning commissions for each sale through its affiliate links.
Subscription Model: CarDekho presents a premium subscription model, “CarDekho Plus,” offering users exclusive benefits like discounts, free insurance, and extended warranties. The service comes at a fee, renewable annually.
Affiliate Marketing: Partnering with third-party companies, CarDekho promotes products and services related to cars, earning commissions for each sale through its affiliate links.
In February 2020, CarDekho announced a secondary sale, enabling eligible employees to redeem 50% of their vested options through GirnarSoft Group’s ESOP Exercise. The company valued this cash-out at approximately $3.5 million. Notably, this marked the second instance of such a scheme in FY20, following the initial ESOP cash-out in April 2019, where CarDekho successfully bought ESOPs amounting to $2 million.
CarDekho – Challenges Faced
CarDekho’s early difficulties included raising awareness in a market devoid of significant competitors. In order to get past this, the business made significant marketing investments, provided discounts, and expanded into the used and new car markets, eventually leading the way as an online marketplace for automobile sales.
Faced with competition from the used car industry, CarDekho made a calculated decision to enter the new car market, becoming one of the first companies to provide an online platform for new car purchases. This action not only addressed the fierce competition but also strengthened CarDekho’s standing as a pioneer in automobile retail innovation.
CarDekho – Funding and Investors
So far, CarDekho has raised $501.1 million spread across 10 funding rounds to date.
Here are the funding details for CarDekho:
DATE
STAGE
AMOUNT
INVESTORS
October 13, 2021
Series E
$200 million
LeapFrog Investments
October 13, 2021
Debt financing
$50 million
–
December 5, 2019
Series D
$70 million
Ping An Global Voyager Fund
January 3, 2019
Series C
$110 million
CapitalG, Hillhouse Capital Group, Peak XV Partners
July 20, 2018
Series B
$2.99 million
Trifecta Capital Advisors
March 21, 2018
Series B
$2.5 million
Peak XV Partners
March 21, 2016
Venture Round
–
CapitalG
May 28, 2015
Venture Round
–
HDFC Bank
January 29, 2015
Series B
$50 million
–
November 27, 2013
Series A
$15 million
Peak XV Partners
CarDekho.com, which went live in 2008, was set up by a bunch of young, enthusiastic IIT graduates. Its investors include Google Capital, Tybourne Capital, Hillhouse Capital, Sequoia Capital, HDFC Bank, Ratan Tata, and Times Internet.
CarDekho – Mergers and Acquisitions
CarDekho has acquired 3 companies.
COMPANY ACQUIRED
DATE OF ACQUISITION
AMOUNT
Revv
Dec 1, 2023
–
Carmudi Philippines
Nov 28, 2019
–
Gaadi Web
Sep 30, 2014
$11 million
CarDekho – Partnerships
Girnar AI Innovations Lab
Amit Jain’s CarDekho and Girnar AI Innovations have teamed up to revolutionize customer support with AI-powered solutions. Their platform, Uservox.ai, uses voice bots, chatbots, and conversational tools to create personalized and efficient customer interactions. This collaboration aims to enhance engagement and streamline customer experiences.
CarDekho – Growth
In its fourth year, CarDekho had already served 2.5 crore visitors by January 2012, reaching the pinnacle of success with a record 1.7 lakh used car sales across India. The launch of its iOS app, following the Android version, resulted in 100,000 downloads within a month, doubling web portal visitors and tripling revenues. By 2014, with a team of over 600 employees, CarDekho expanded its offerings with portals like BikeDekho and PriceDekho.
In 2019, CarDekho significantly expanded its reach by collaborating with 3,000 used car dealers, 4,000 new car dealerships, ten financial institutions, and eighteen insurance providers in India. This strategic network aimed to simplify processes like used car financing and insurance, offering a more streamlined experience for both buyers and sellers in the automotive market. Concurrently, CarDekho introduced Gaadi by CarDekho and inaugurated CarDekho stores in the National Capital Region (NCR) in January 2019, diversifying its services to cater to a broader audience.
In September 2021, CarDekho shifted its strategy to require thorough home inspections before car purchases, resulting in the closure of over 20 stores. This move reflects CarDekho’s confidence in the efficiency of the home inspection model, prompted by changing market dynamics post the COVID-19 crisis and showcasing the company’s adaptability to industry challenges.
CarDekho launched Rupyy
This new platform offers a whole new horizon of financing alternatives to the customers and retailers of automobiles. With the birth of Rupyy, CarDekho aims to empower customers with easy and convenient methods to apply for and receive approval for their auto-financing requirements. According to the CarDekho statement, Rupyy is an end-to-end digital platform that is designed to make the loan journey smooth and hassle-free for customers.
Rupyy work via a QR code-based onboarding process at vehicle dealerships and loan companies. This QR code-based process guides the customers with a self-help path running video KYC, e-NACH, and e-Agreement technologies, which helps them approve their loans right at the point of sale within a few minutes.
CarDekho total expenses dropped from INR 2,921 crore in FY23 to INR 2,669 crore in FY24.
EBITDA
CarDekho Financials FY21-FY24
FY21
FY22
FY23
FY24
EBITDA Margin
-32.34%
-28.63%
-19.23%
-9.19%
Expense/Rs of Op Revenue
INR 1.44
INR 1.36
INR 1.25
INR 1.19
ROCE
-36.94%
-25.71%
-21.6%
-9.2%
CarDekho – Advertisements and Social Media Campaigns
CarDekho Campaign
The auto-tech startup CarDekho, along with brand ambassador Akshay Kumar, presented advertising campaign called “Sapna re.” The brand has emphasized in the advertisement the importance of fulfilling the desire of car ownership for Indian middle-class consumers. Akshay Kumar makes an appearance in a new guise in this campaign as a father who has promised to purchase his little child a car.
CarDekho – Awards and Achievements
Some of the noteworthy awards that CarDekho received in its early days were:
“Best” and “Most Popular” Auto Website of 2016
Website of the Year India 2014 in Automobile Category
Best Car Website of 2012
Most Popular Website of 2012
Website of the Year, India 2011 and 2012
Best Automotive Website of 2009
CarDekho – Competitors
Other online marketplaces in India that deal with and cater to the same set of the target audience are:
CarDekho was looking to expand its business to Southeast Asian markets as per news of 2021. The company, according to the co-founder and President Umang Kumar, was aiming to establish its leadership in the automobile ecosystem of the region. CarDekho has expanded its footprints into Southeast Asia following the acquisition of Carmudi, as per news on October 4, 2023.
Mayank Gupta, CarDekho Group CFO, regarding the startup’s growth plans, said, “With scale, leverage, efficiencies, and process improvements, we are trying to contribute towards our total EBITDA level profitability, and that is what we intend to achieve before the IPO.”
CarDekho has therefore kept its growth plans on track and expects great growth in the future.
CarDekho plans to file its DRHP by March 2025, aiming to raise $500 million (INR 4,100 crore) with an IPO valuation of $2–2.5 billion, nearly double its 2021 valuation of $1.2 billion. The company focuses on enhancing customer experiences through advanced, personalized technologies.
FAQs
Who is CarDekho Founder?
Amit Jain and Anurag Jain are the founders of CarDekho. Umang Kumar has also been the co-founder of the company since CarDekho acquired Gaadi.com.
Is Cardekho reliable? How are CarDekho cars?
Yes, CarDekho is reliable. It is, in fact, one of the most trusted places for certified pre-owned cars. CarDekho cars are thoroughly inspected and come with a 6 months warranty along with a 7-day money-back guarantee.
What is CarDekho net worth?
CarDekho has a net worth of $1.2 billion as of December 2024.
Who is Amit Jain?
Amit Jain is the CEO and co-founder of CarDekho.
What is CarDekho Revenue Model?
The primary mediums through which CarDekho earns its revenue are:
AdSense
Sponsored Advertisements
Commissions from the manufacturers and dealers
Affiliate marketing
Lead generation
Car insurances
How much funding has CarDekho raised?
So far, CarDekho has raised a total of $501.1 million spread across 10 funding rounds to date.
Amit Jain is the Chief Executive Officer (CEO) and Co-founder of GirnarSoft, an IT externalizing company that launched CarDekho in 2008. The CarDekho website and mobile application help its users buy the right vehicle they are looking for. The reliable reviews of experts help the users differentiate and compare the vehicles to buy the most preferable one. The comparisons are done through detailed information, pictures, and videos of the brands and models available in India.
Amit Jain CarDekho’s co-founder is soon going to be seen judging the popular show, Shark Tank India along with other sharks. Discover more about Amit Jain’s net worth, personal and professional life, education, and more.
Amit Jain, the Cardekho owner was born and brought up in India. He completed his academics in Jaipur and Delhi. His mother, Nilma Jain is a homemaker and his father, the Late Mr. Prashant Jain was an ex-RBI officer and also a gemstone businessman. Amit has a younger brother, Anurag Jain who is the co-founder and COO of CarDekho Group. Amit’s wife, Pihu Jain is the Head of Girnar Foundation. Amit Jain has twin sons.
Amit Jain – Education
Amit Jain, CarDekho’s CEO did his schooling at Saint Xavier’s School, Jaipur. After finishing school, Amit studied science and passed the Engineering Entrance Exam. He then got into IIT Delhi.
Amit Jain – Professional Life
In the year 1999–2000, Amit worked as a Software Engineer at Tata Consultancy Services. After that, he worked as a Senior Associate, Delivery Manager, and Product Manager at Trilogy for about 6 years and 11 months. In 2007, Amit co-founded GirnarSoft, the IT firm, along with his brother Anurag Jain, with the dream of starting a business from their hometown. Later, in 2008, Amit and Anurag both co-founded CarDekho.com, the flagship portal of GirnarSoft.
He established a company named GirnarSoft with his brother in 2007, which launched CarDekho in 2008. He is the CEO of the company and Co-Founder along with his brother. He aimed to build an online platform that would drive traffic from Google and appear at the top. Amit and his brother dreamed of establishing a million-dollar company through an IT-based firm. His efforts paid off with fruitful results. Their online venture, CarDekho, eventually gained huge gross profits.
Millions of people visited the website and returned to learn about the reviews and features of various cars. Amit understood that this was going to work, and the brothers invested more employees and time in the CarDekho online venture. Buying a car is, for sure, an important decision for a middle-class family, they need to have proper guidance. CarDekho proves to be the best online platform that the common man needs.
Amit Jain – Shark Tank India
Amit Jain – Shark Tank India
Shark Tank India Season One turned out to be a great success for numerous startups as well as the sharks. Amit Jain replaced the first season’s most prominent shark, Ashneer Grover in the second season of Shark Tank India.
Amit was super thrilled to be a part of the show. While expressing his excitement, he wrote on his LinkedIn, “Looking forward to mentoring budding entrepreneurs on the show to build a new India.”
Being a judge on one of the most popular shows among Indian audiences has undoubtedly added to Amit’s success.
Amit and his brother started with a small garage at their home. They dreamed of establishing an IT outsourcing firm, and soon a team of 20 people started working for them. The first year of the company proved to be profitable, and eventually, they could buy a place for an office. But in 2009, the company went bankrupt when the stock market crashed. At that time, the company had about 70–80 employees, and they didn’t even have money to pay their salaries. Amit didn’t know how he would manage the office expenses, salaries, etc. Without losing hope, he learned that it is very important to use corporate money with sanctity.
With a pre-established company, both the brothers started thinking of an online venture CarDekho. However, they were still in a dilemma of paying employees of their team. Still, they made CarDekho live in just two weeks. The idea of launching CarDekho came when they attended the Auto-Expo in Delhi. After doing the necessary calculations, they got to know that they could recover their loss through this online venture. The turning point came when they took CarDekho as an official flagship project.
Very few people think of initiating their business from their home town. Also, there are a few examples of people who have really started their ventures from their hometown and accomplished them gradually. Amit Jain is undoubtedly among those examples, who has not only established his firm but also brought huge success and fame to his name and hometown.
Amit Jain – CarDekho
Not a single penny was spent on marketing CarDekho, still, it achieved more popularity than any other application software launched by GirnarSoft. It has now become India’s number one Autotech portal and Rajasthan’s first unicorn startup. The company boasts having more than 35 million monthly unique users, 6000+ monthly used car sales, and 3000+ new cars sold monthly.
In 2013, the company got weighty funding from an American-based company, Sequoia Capital. It significantly attracted many companies for advertising because of the spectacular online presence of CarDekho. Later, it also acquired Gaddi.com in 2014 and Zigwheels in 2015. Without any doubt, CarDekho played a vital role in lifting the name of the parent company GirnarSoft. CarDekho became a unicorn startup in India after raising $250 million in its Series E funding round in October 2021, bringing its valuation to $1.2 billion.
CarDekho is planning to launch an IPO in 2025 and is talking to investment banks about it. The company aims to raise INR 3,000 crore to INR 4,000 crore. The bankers for the IPO will be chosen soon, according to a source. With an estimated worth of $2 billion to $2.5 billion, the IPO would almost double its prior valuation.
CarDekho Group Acquisitions Under Amit Jain’s Leadership
Year
Acquisition
2014
Gaadi
2015
ZigWheels
2018
PowerDrift
2019
Carmudi Phillipines
2023
Revv
After completing 11 terrific years of CarDekho, Amit Jain CarDekho owner disclosed the new Logo in February 2019. The snazzy new logo manifests the automated settings of the app. Like, whenever a new car comes on the market, an old and new comparison tool is designed to clear things up. Both the brothers acceded for aLogo especially designed on the pockets of their white shirts, be it old or new.
The basic aim of CarDekho was to provide data on different cars so that people may understand the features offered in a car. Comparison, reviews, and feedback are something that makes a product reliable and give satisfaction to the customer.
Amit Jain – GirnarSoft
Parent Company of CarDekho – GirnarSoft
GirnarSoft is a company providing business value-based IT solutions and services. Amit founded the company along with his brother in 2007. It is the parent organization of CarDekho and is headquartered in Jaipur, Rajasthan. The company offers a variety of services like mobile application development, Automotive, Outsourcing IT solutions, custom software development, etc. It operates automotive portals and marketplaces like PriceDekho, BikeDekho, InsuranceDekho,OTO.com, and various other portals around the world.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Milkbasket.
With a rising number of startups and the presence of many existing players in the industry, the customer acceptance of home delivery services is growing leaps and bounds. Living in the current era, we are surrounded by an increasing number of eCommerce platforms that offer almost everything and deliver all of these things right at our doorsteps.
It is true that most of our daily needs are satisfied by the old and the newer players that are dominating the home delivery services, but for some of our daily needs, which are always in demand, like fresh milk, groceries, we often find a crunch, even if it is for a specific product. This is why many startups have solely dedicated their businesses to meet the growing requirements, thereby aiming to achieve a demand-supply equilibrium. One such startup that aims to take care of the fresh supply of milk and more is Milkbasket.
Milkbasket is a subscription-based micro-delivery service that provides customers with the regular dairy necessities and household needs each morning. Within the first six months of its launch, Milkbasket claimed to have shipped 30 million orders.
Founded by Anant Goel, Anurag Jain, Ashish Goel, and Yatish Talavdia in 2015, Milkbasket is a Haryana-based company that is currently owned and operated by Reliance Industries, when the latter acquired 96.49% stakes in Aaidea Solutions Private Limited Milkbasket parent in October 2021.
Know more about Milkbasket’s startup story, business model, funding, revenue, growth, and more in the article ahead!
October 23, 2021 –Reliance Industries’ subsidiary Reliance Retail Ventures Ltd completes the acquisition of Milkbasket by acquiring 96.49% stakes in the company.
August 28, 2021 – Milkbasket, a daily grocery delivery app, has advanced its bid to go public in the second half of 2021, boosted by solid market growth in recent months despite the pandemic, according to a top company executive.
“Milkbasket has a near-perfect record of reaching growth targets since being founded in 2015. The rapid adoption of at-home grocery delivery amongst consumers due to the pandemic has provided us with an impetus to target IPO in just a year, which we had initially planned for the year 2023,” Anant Goel (Milkbasket co-founder and CEO) said.
About Milkbasket and How it Works?
Milkbasket is a Gurugram-based company that creates an online grocery network to meet consumers’ everyday household needs.
The company provides a simple delivery system that delivers milk, bread, eggs, butter, juices, and other everyday necessities and basic dairy amenities to users’ doorsteps every morning. The platform also allows them to keep track of daily expenditures, schedule vacation time off, and easily build repeat orders every day.
The Covid-19 pandemic has created a huge growth opportunity for the online grocery delivery sector, which predicted that India’s online grocery market could reach $3 billion in 2020, up from $1.7 billion in 2019. It is expected to grow at a CAGR of 37.1% from 2021 to 2028. The industry was valued at USD 2.9 billion in 2020. It has gained tremendous traction since 2020.
Milkbasket – Name, Logo and Tagline
‘Milkbasket’ as the name suggests, was a milk delivery startup initially but later on decided to come up with a simple delivery system that delivers milk, bread, eggs, butter, juices, and other everyday necessities and basic dairy amenities to users’.
Milkbasket Logo
Milkbasket – Founders and Team
Milkbasket was founded by Anant Goel, Anurag Jain, Ashish Goel, and Yatish Talavdia in 2015.
Milkbasket’s Founders
Anant Goel
Anant V Goel was the founder and CEO of Milkbasket. Goel was a B.tech, Civil Engineering student of NIT Kurukshetra, after which he visited The Wharton School and INSEAD to complete MBA exchange and MBA, Strategy and Operations, Corporate Finance programs. Goel started his career at Tata Consultancy Services where he worked as a Project Leader and then went to Capgemini to join the company as a Sr. Strategy and Transformation Consultant. Goel then became the CEO and Managing Partner of UrSqft before founding Milkbasket and becoming its CEO. Gallup Consulting was another company where Anant Goel worked as an Associate Partner. Goel exited the company and stepped down from the CEO designation on August 23, 2021, after Milkbasket was acquired by Reliance Industries.
Milkbasket Founder and former CEO Anant Goel is all set to launch his new startup that will be based on the fruits and vegetable segment. It would be a consumer-centric platform that will delivery the fresh produce from farmers to the consumers, as per the sources close to the company and to the matter, reported on February 15, 2022.
Anurag Jain
Anurag Jain has been a co-founder of Milkbasket.com. He was also an alumnus of NIT Kurukshetra from where he completed a B.Tech degree in Civil Engineering. Jain later successfully pursued a PGDBM in Operations Management and Supervision from XLRI Jamshedpur. Anurag became a co-founder of Milkbasket after serving managerial roles in several companies like Spencer’s Retail, Cinepolis India, TPG Wholesale, and Samsung India.
Ashish Goel
Ashish Goel served as the Co-founder and CTO/CPO of Milkbasket. A Mechanical Engineering student of Delhi College of Engineering, Ashish co-founded two companies – Zamoona and UrSqFt before co-founding Milkbasket in 2015. Ashish Goel is currently serving as the CTO of ZipLoan after leaving Milkbasket in January 2021.
Yatish Talvadia
Yatish is currently hailed as the present CEO of Milkbasket after Anant exited the company. Talvadia has a Masters’ degree in Engineering/Industrial Management from Manipal Institute of Technology. Yatish was the Sr. Lecturer of JECRC and later served as a Core Team Member of Zamoona before co-founding Milkbasket with the 3 other founders of the company.
Milkbasket – Startup Story
Ashish Goel availed of the ‘Milk and More’ service to deliver groceries and daily necessities to his home when he was in the U.K. This made Anant realize that India also needs one such service. However, entering around that time when the market was already being dominated by successful players like Grofers, Big Basket, LocalBaniya, and Peppertap, Milkbasket had only one intention, which is to stand as an alternative to the mom-and-pop stores of every Indian neighborhood.
Milkbasket founders started in 2015 when they first set up a stall in an apartment complex in Gurugram. The founders soon got the first paying customer, who installed the app. The founding team of Milkbasket initially started to deliver milk by themselves, in their personal car. With the increasing demands, they eventually had to hire an autorickshaw to deliver it. The order volume further increased, which made Milkbasket partner with corporates and automotive companies and ultimately set up their own delivery fleet.
Milkbasket started off with just 22 customers in April 2015, and by the end of June of the same year, the team saw a growth of 30,000+ customers, and that too only in Gurugram. Ashish and Anant started with their initial capital seed of 50 Lacs.
Milkbasket – Vision and Mission
The company’s mission is to become the default mom and pop shop for over a million households. Milkbasket is by far the most cost-efficient model in the online grocery space as compared to its domestic and global competitors, accomplishing positive unit economics within about six months of launch. This is perhaps why the company has been acquired by Reliance.
Milkbasket is a hyperlocal e-commerce company that believes in an inventory-based model where it sources its products directly from brands. Milkbasket co-founder Anant Goel believes that his company has developed a contactless hyper-local grocery delivery model. Customers can place orders before midnight and have them shipped by 7 a.m., according to Milkbasket.
The e-grocery delivery startup doesn’t need checkout or payment because the purchase is prepaid with the help of a mobile wallet that is on the app. Therefore, the users can simply top it up whenever they run out of funds. Milkbasket earns from its delivery charges, subscriptions, and commissions from each transaction.
Milkbasket – Revenue and Growth
Milkbasket, a hyperlocal distribution startup based in Gurugram, announced a 3.8X increase in revenue in 2020, which ended in March last year, with only a small increase in losses. In 2020, the company reported revenue of INR 322 crore, of which 99.9% (INR 321.7 crore) came from operations.
In 2020, the hyperlocal startup’s expenses rose at the same pace, to INR 337.7 Cr, bringing its losses to INR 15.7 Cr. In 2019, the company posted revenue of INR 84.6 Cr and expenses of INR 94.1 Cr, resulting in a loss of INR 9.5 Cr. Over the same time frame, it received around 99.7% (INR 84.4 Cr) from its operations.
Milkbasket is based on the habit of people residing in India, of having milk delivered to one’s doorstep every morning, and the company only delivers during one delivery slot, from 5 a.m. to 7 a.m. By October 2017 they had delivered around 1.5 million orders and employed around 200 people.
Milkbasket had earlier displayed an annual sales run rate of around USD 100 million, delivering over 9,000 items across FMCG, dairy, fruits, and vegetable categories in Indian cities including Hyderabad, Dwarka, Delhi, Bengaluru, Ghaziabad, Gurgaon, and Noida).
MbBulk and senior citizens-only helplines were also introduced in several cities to help people stay on lockdown without having to go out for groceries and dairy products. Within the first six months of its launch, Milkbasket successfully shipped around 30 million orders and achieved positive unit economics.
The company has been in high demand since the lockdown began, as demand for hyperlocal grocery delivery has increased dramatically. During the lockdown, many companies with a logistics and distribution backbone, such as Swiggy and Zomato, switched to grocery delivery as these were the only essentials in demand across the board.
Over the course of 11 rounds of funding, Milkbasket has raised total funding of $78.5 million. Milkbasket’s Investors’ include InnoVen Capital, Inflection Point Ventures, Mayfield Capital, Kalaari Capital, Blume Ventures among others.
Date
Round
Amount
Lead Investors
Oct 23, 2021
–
$40M
Reliance Retail
May 13, 2020
Series B
$5.5M
Inflection Point Ventures
Jun 27, 2019
Debt Financing
₹150M
InnoVen Capital
Jun 4, 2019
Series B
$10.5M
Unilever Ventures
Dec 19, 2018
Series A
$7M
Mayfield Fund
Nov 12, 2018
Series A
$100M
Mayfield Fund
May 22, 2018
Series A
$7M
Kalaari Capital
Jan 23, 2018
Seed Round
$3M
Unilever Ventures
Aug 23, 2017
Seed Round
$840.9K
Blume Ventures, Lenovo Capital and Incubator Group (LCIG)
Dec 1, 2016
Seed Round
$634.9K
—
Apr 26, 2016
Seed Round
$500K
EVC Ventures
Milkbasket – Competitors
The top competitors in Milkbasket’s competitive set are –
Though Milkbasket initially started fine with the capital pool from the founders, the app has faced money crunches in regular intervals, which has been one of the major challenges of the company. Milkbasket was ultimately acquired by Reliance Retail and two senior executives of Reliance Industries Limited – Nikhil K Chakrapani, CFO of Reliance Retail and Rajendra Kamath, CFO of Reliance Content Management have joined the board of directors of Milkbasket as additional directors.
Milkbasket – Future Plans
According to a top company executive, Milkbasket has advanced its intention to pursue an initial public offering by the second half of 2021, boosted by solid market growth in recent months despite the pandemic. The widespread adoption of at-home delivery services among shoppers during the coronavirus disease outbreak, according to Anant Goel, has opened an opportunity to target an IPO in less than a year.
“Milkbasket has a near-perfect record of reaching growth targets since being founded in 2015. The rapid adoption of at-home grocery delivery amongst consumers due to the pandemic has provided us with an impetus to target IPO in just a year, which we had initially planned for the year 2023,” he said.
However, the company didn’t manage to go public till now. Milkbasket is currently looking forward to expanding its range of offerings and is looking for profitability after being taken over by Reliance. The company is also deemed to be a part of the Reliance super app.
The company provides a simple delivery system that delivers milk, bread, eggs, butter, juices, and other everyday necessities and basic dairy amenities to users’ doorsteps every morning.
Who founded Milkbasket?
Milkbasket was founded by Anant Goel, Anurag Jain, Ashish Goel and Yatish Talavdia in 2015.
What companies do Milkbasket compete with?
The top competitors in Milkbasket’s competitive set are Supr Daily, DailyNinja, BB Daily, Town Essentials, Amshop, RainCan, ZopSmart, PepperTap, Big Basket, Grofers, Dunzo, Zomato and Swiggy.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved byKredX.
Invoice Discounting, also known as Invoice Bill Discounting, is a method for a business to get working profits by issuing an invoice to a lender at a lower price than that mentioned on the bill. In this setup, the seller obtains the payments well ahead of the bill’s due date and can put the money to good use in his enterprise.
KredX, headquartered in Bangalore, Karnataka, is a web-based invoice discounting tool that allows businesses to fundraise for their operating expenses.
As of December 2019, KredX, an invoice discounting platform, has raised $26 million (nearly INR 184 crore) in Series-B fundraising led by Tiger Global Management, with participation from previous investors. In 2016, Sequoia Capital and Prime Venture Partners invested INR 40 crore in the company’s Series-A investment. The Bengaluru-based venture assists businesses with short-term financing needs by paying bills and receivables.
According to the company’s most recent data, KredX has handled over 500,000 invoices, assisting more than 5,000 suppliers through 10,000 investors in 36 locations around the country. Scott Shleifer, Partner at Tiger Global, remarked, “I believe the firm (KredX) has developed an efficient and reliable loan marketplace connecting Indian companies with institutional investors.”
About KredX and How it Works?
KredX is a company that creates an invoice-discounting platform that allows businesses to grow without having to worry about collateral. The business’s platform provides an investing software that connects micro, small, and medium-sized businesses seeking working capital with individual lenders, allowing firms to obtain working money quickly by selling outstanding receivables.
KredX is a platform where company owners can sell invoices raised on large cap firms and investors can buy them. By purchasing these future income flows, investors wishing to invest money for a short period of time (1-3 months) can earn substantial returns. It creates a whole new financial asset class by combining advanced software with credit underwriting and data and analytics expertise. This platform allows business owners searching for a cash advance on invoices raised against big-name institutions to sell these outstanding bills at attractive rates.
KredX assisted the business in managing its finances while maintaining that its client relationships were not jeopardized. They were able to grow and develop their business by partnering with KredX, raising liquidity without affecting the balance sheet. KredX’ s customized methods and structured solutions assisted the organization in effectively allocating resources for its expansion needs.
KredX – Mission and Vision
KredX was founded in 2015 with the sole purpose of assisting businesses with their working capital needs by leveraging an asset that sits dormant on their balance sheet in the form of accounts receivable.
KredX – Name, Logo and Tagline
KredX’ s Company Logo
KredX believes in improving people’s lives through its intuitive and innovative products, and its work culture reflects this belief. The team is dedicated to achieving the “all work and must-play” aim.
KredX – Founder and History
Anurag Jain is the Founder and Executive Director of KredX. KredX was founded in 2015 with the sole purpose of assisting businesses in overcoming cash flow difficulties and hence boosting growth.
The KredX range of products grew from an invoice discount platform to handle greater concerns including early payments for corporate treasuries through Early Payments Technology and Growth Capital solutions. At present, KredX is India’s biggest cash flow solution provider, providing unique capital solutions to businesses and their suppliers while also providing investors with a unique opportunity to make low-risk, high-return investments.
With just INR 2 lakh in the capital, the company that began with the goal of providing cost-effective goods and solutions in all areas of IT has developed into a professionally run supply-chain specialist with a revenue of INR 3400 crore.
On a daily basis, the company’s unshakable devotion to customer experience, irrepressible desire for excellence, seamless coordination among team members, and solid business ethics lead to a large and diverse clientele. The payment cycle can be pushed out across a few weeks in such instances. Dealing with major vendors whose payment timeframes may fluctuate, ultimately influencing their finances, is important to any company’s business growth.
KredX – Products and Services
The KredX Product Suite is a collection of following KredX products:
Working Cash Solution – Enabling businesses to obtain working capital in a short period of time while also giving investors with a lucrative return on their investment.
Growth Capital Solution – KredX’ s growth capital solutions assist firms in overcoming obstacles by offering upfront funding for expansion and growth.
Early Payments Technology — A cloud-based technology solution that allows businesses to make discounted early payments to their vendors.
KredX is a digital invoice discounting platform that allows businesses to acquire funds for working capital needs at advantageous terms by selling outstanding bills raised against blue-chip firms, while also giving investors a unique short-term investment opportunity.
The KredX business model is an alternative investment model in which you can begin investing with a minimum of 3 Lacs for a short period of time and expect a fixed return at the end of the investment period, which can range from 30 to 90 days. Annual returns range from 12 percent to 20 percent (as per their marketing material).
KredX – Revenue And Growth
At present, KredX’ s revenue is $31 Million. Through its network of lenders, digital lender KredX said it will disburse INR 1,000 crore in loans in the fiscal year 2021 through its revenue-based financing (RBF) product, with an emphasis on consumer brands and software-as-a-service (SaaS) firms.
Through its revenue-based financing product, KredX has disbursed loans to a number of brands trying to sell on e-commerce platforms like Flipkart, Amazon, and Myntra in the last two years.
KredX – Funding and Investors
Date
Round
Amount
Lead Investors
Dec 11, 2019
Series B
$26M
Tiger Global Management
Oct 25, 2016
Series A
$6.3M
Sequoia Capital India
Apr 13, 2016
Seed Round
$750K
–
KredX – Acquisitions
Acquiree Name
About Acquiree
Date
Amount
Hummingbill
Hummingbill is a B2B invoice platform that helps vendors and enterprises run more efficiently, using email plugins.
The organisation tried a variety of financial aid options in search of solutions to meet their needs, but there were a number of issues with the options, the most significant of which was the time needed in the process. There are various issues with the offerings, the most significant of which is the amount of time required to complete the process. Other disadvantages included:
Reduced the funding limit in accordance with existing policies and procedures.
To access standard offerings, the organization had to provide collateral and financial information.
Other types of short- and long-term financing were prohibitively expensive.
Obtaining capital for liquidity and expansion is a challenge.
KredX – Future Plans
“Being in the B2B payment ecosystem, our transaction processing volume has crossed $2.4 billion annually and is forecast to double in the next twelve months. With wider acceptance of our products, we are well-positioned to serve the entire spectrum of the supply chain for any company,” said Anurag Jain, executive director, KredX.
More than 120 companies use the platform, including Tata Croma, Future Group, and Vedanta. The company intends to use the additional funds to hire senior executives in order to accelerate its expansion. It also plans to use the capital to develop new products and make acquisitions.
According to the company’s data, KredX has handled over 500,000 invoices, assisting more than 5,000 suppliers through 10,000 investors in 36 locations around the country.
” I believe the company (KredX) has created an efficient and trusted lending marketplace connecting Indian companies with institutional investors,” said Scott Shleifer, Partner, Tiger Global.
Rishabh Rathi
