Hyderabad, Jul 24: Jaipur-based CarDekho Gaadi Store, a retail auction model for pre-owned cars, is planning to open 200 more stores across India by 2020 by raising Rs 200 crore fund including technology support, said Gaadi.com Co-Founder, Akansh Sinha here on Wednesday.
Talking to reporters on the occasion of launching of five CarDekho Gaadi stores in Hyderabad, Sinha said it already has 43 stores in Delhi-NCR, Bangalore, Jaipur, Pune, Lucknow and Ahmedabad and we are planning to start 20 more stores at 15 cities in the country by this fiscal end.
The 200 stores will come up in between 30-35 cities in the country, he said the company’s revenue last year was over Rs 350 crore and expected to jump over 100 per cent in current financial year. CarDekho Gaadi Store aims to provide a one-stop-shop destination for providing a hassle-free vehicle selling experience to its customers while offering optimum resale value for their cars, he said the stores will also help customers with RC transfer , loan closure assistance, instant money transfer and methodical inspection of cars.
Currently, we have 500-strong force and scale up to about 1000 , he said the revenue from our used car transaction services business achieved impressive year-over-year growth of 140 per cent (y-o-y Q4 growth: 340%), thanks to the rapid expansion of CarDekho’s transaction business across finance and insurance marketplace.
Despite sluggish new car growth in H2 of FY 2019, our core media business grew significantly during the year outpacing the growth of our competitors, he claimed and said in the last fiscal year, Indian sold more cars (over 4 million) – the ratio for cars bought and sold was 1:2 to 1:3.
The uses-cars segment will continue to grow in India and it has already become Asia’s third largest car market, he also claimed. (UNI)