CarDekho group narrows losses

Bengaluru: The CarDekho group, with businesses like enabling online buying and selling of cars and bikes, insurance broking and financing cars on its platform, has narrowed its losses in FY22 by 28% to Rs 246 crore. In the previous year, its losses were Rs 341 crore. The company said in a release that it has over Rs 1,000 crore cash in its coffers, and that it plans to become profitable by FY24.
The group’s consolidated revenue went up by 81% to Rs 1,598 crore in FY22, from Rs 884 crore in the previous year. “The group registered over 50 million unique monthly visitors, generated over 9 million leads, helped issue 16 lakh insurance policies and facilitated disbursal of over 1 lakh auto loans in FY22,” the company said. CarDekho Group also said that it is planning an IPO, but did not mention a timeline. tnn