Exclusive: CarDekho’s Southeast Asia biz to close $60 Mn in maiden round

CarDekho group has diversified into several ancillary businesses such as insurance, accessories, and lending. It has also expanded its footprints into southeast Asia following the acquisition of Carmudi. The group’s entities have been operating independently and also raising fundings separately.

After InsuranceDekho, the group is now close to raising a maiden funding round for its Southeast Asia business, according to three sources aware of the details

“CarDekho’s SEA entity is finalizing a $50-60 million funding round from new and existing investors,” said one of the sources requesting anonymity. “Most of the money will come from new investors and the entity will be valued in the range of $300-350 million.”

Sources emphasized that the company may raise more capital and its post-money valuation will change accordingly.

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.

“The round has been in the making for the past quarter and is likely to be materialized by the end of this month,” said the person quoted above.

Queries sent to CarDekho on Tuesday did not elicit any response.

The CarDekho group operates several entities including CarDekho, Gaadi, ZigWheels, Powerdrift, BikeDekho and OTO (Indonesia). The company’s insurance biz: Insurance Dekho scooped up $150 million in one of the largest Series A fundings raised by an insurtech company in February.

InsuranceDekho is too set to score a new round which will value the Gurugram-based firm in the range of $500 million. Entrackr had exclusively reported the upcoming funding round in August.

On a group level, CarDekho reported Rs 1597 crore in revenue in FY22 while the company’s losses also went up 56% to Rs 535 crore in FY22 as against Rs 343 crore in FY21. The firm is yet to file its annual report for FY23.

As per data intelligence platform TheKredible, CarDekho’s co-founders Amit Jain and Anurag Jain hold 13.57% and 12.58% stake in the company respectively. Check TheKredible for the full shareholding pattern.