CarDekho opens seven stores in Mumbai

CHENNAI: CarDekho Gaadi Store, a retail auction model for pre-owned cars, on Wednesday launched seven stores in Mumbai. The opening of these stores is part of an ambitious move by CarDekho to establish 200 Gaadi stores across India by 2020.
It already has 49 stores in Delhi-NCR, Bengaluru, Jaipur, Pune, Lucknow, Ahmedabad, Hyderabad and Karnal, and Mumbai’s expansion marks the milestone 50th store within three months for CarDekho Gaadi.
CarDekho has targeted to invest Rs 200 crore in the expansion of its Gaadi stores. To date, it has already invested Rs 50 crore.
The pre-owned car market in India has continued to grow over the past year and is now larger than the new car market. This has created a positive market opportunity in this segment and enabled/ empowered Car Dekho to open seven stores in the city.
CarDekho Gaadi stores also help customers with RC transfer, loan closure assistance, instant money transfer and scientific car inspection. In the Q1 of FY19-20, CarDekho posted 263% y-o-y growth in its used car transaction services; the revenue of the company stood at 13 million.
Vibhor Sahare, co-founder & CEO Gaadi.com, said, “Our aim is to be able to buy 14000-15000 cars each month by the end of this financial year. With this launch, we have further deepened our root in the used car ecosystem of Maharashtra and now are here to provide ease of selling and buying used cars for our Maharashtrian customers. We will continue to invest our time and energy in building a trusted platform for selling used cars in India.”