Leading Indian automobile marketplace CarDekho registered an impressive 92% year-over-year revenue growth in Q1 of FY19-20.

The company said revenues from used cars transactions saw 263% growth during the same quarter. CarDekho’s new auto division recorded a 44% growth rate and the company raked in a total of  $13 million in the quarter ended June 30, 2019.

CarDekho attributes its financial success to the individual growth of its business segments. Its insurance division grew 583% and financial services grew 58%. This success comes in the face of a prolonged period of stagnation in the Indian auto industry.

Amit Jain

Co-founder and CEO Amit Jain said CarDekho’s business models have delivered strong results giving the best value for customers. “After digitizing the entire auto ecosystem and becoming the only full-stack auto tech company, we now aim to be the personal mobility partner of India, and this quarter’s results just prove that we are moving in the right direction.”

The last quarter has been a busy one for CarDekho. The company revamped its management team, filling five executive roles with industry stalwarts. This was soon followed by the launch of CarDekho’s own online motor and health insurance platform InsuranceDekho. The insurance vertical has proven to be a success with an annualized run-rate of more than 11,000 policies in just three months.

The company’s offline venture Gaadi Stores have been expanded to more Indian cities, taking the total tally to 48 stores in 11 cities. CarDekho also entered into strategic partnerships with Citroen, Morris Garages and Axis Bank in a bid to develop digital experience and leverage operational synergies.

In April, the company announced strong revenue growth of 62% for the financial year ended March 2019. Annual revenue stood at $37 million.

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