CarDekho SEA raises $60 Mn from Navis Capital Partners and Dragon Fund

CarDekho SEA, the Southeast Asia business unit of digital automotive solutions provider CarDekho Group, has raised its first external funding round of $60 million led by growth and private equity investors Navis Capital Partners (Navis) and Dragon Fund. Following this round, the cumulative fundraising now stands at over $100 million.

Entrackr had exclusively reported about this funding round in October last year. 

The proceeds will be used to enhance the group’s existing capabilities in Indonesia used car & bike financing, used car refinancing and classifieds, and to support further expansion into the used auto financing sector in the Philippines.

CarDekho entered the SEA region in 2021 after acquiring Carmudi, which was largely owned by Germany-based Rocket Internet. CarMudi operates in countries like Indonesia, the Philippines and Thailand through OTO.com and Carmudi. The group’s SEA entity is headed by Umang Kumar who also has a substantial stake in the subsidiary, as per sources.

In Indonesia, CarDekho SEA holds a 3% market share within the used auto finance sector and currently partners with over 40 financiers. Regionally, the firm owns and operates multiple brands including OTO Indonesia, Carmudi Philippines, and Zigwheels Philippines. 

Since its 2020 launch, CarDekho SEA claims to have achieved significant growth, including over 200,000 disbursements, surpassing $1 billion in gross merchandise value (GMV), and establishing partnerships with over 50 financiers and 20,000 dealers and retail agents, a 50x increase in GMV demonstrating exponential growth over the past three years.

The group also maintains online traffic leadership achieving monthly visits of more than 5 million in Indonesia and 2 million in the Philippines, and has a strong presence in Thailand, Malaysia, Singapore, and Vietnam. 

CarDekho Group, which operates platforms like CarDekho, InsuranceDekho, BikeDekho, PriceDekho, Rupyy.com, posted a modest 3.5% drop in its revenue to Rs 2,250 crore FY24.

According to the company's CEO Amit Jain, the dip in revenue was due to the closure of the used car business.