India’s automotive industry has grown tremendously over the past two decades. With increased demand and purchasing power, buying a car has become more accessible to the average Indian consumer. However, the process of researching, comparing, and purchasing automobiles remains complex and difficult to navigate.
This is where CarDekho comes in. Founded in 2007 by Amit Jain, CarDekho has revolutionized the way Indians research and buy cars online. Amit Jain recognized the need for a centralized online platform that provides automotive content and car buying services to consumers. Under his leadership, CarDekho has become India’s leading auto portal, helping millions of Indians navigate the car buying journey.
In this blog, we take a closer look at the inspirational story of CarDekho founder Amit Jain. We will explore Amit’s background, his professional experience, the blog will also provide an overview of CarDekho’s business model, funding, growth, and impact on car buying in India. Amit Jain’s entrepreneurial journey with CarDekho provides valuable lessons for aspiring founders and startups in India.
Amit Jain – Biography
Hailing from a business family in Jaipur, Rajasthan, Amit Jain was born in 1975. His family ran a successful ball bearing business called Jaipur Udyog.
After schooling in Jaipur, Amit went on to pursue a Bachelor’s degree in Mechanical Engineering from MBM Engineering College, Jodhpur. He followed it up with a post-graduate diploma in Business Management from IIM, Ahmedabad in 2001.
At IIM Ahmedabad, Amit honed his interests in entrepreneurship and business strategy. He was an ace student and graduated among the top 15 in his batch.
After business school, Amit briefly worked at Tata Administrative Services (TAS) in a business strategy profile. However, he soon realized that the corporate job was not his true calling. The entrepreneurial bug had bitten Amit during his management studies.
In 2002, Amit left his cushy corporate job to pursue his passion for starting his own ventures. This marked the beginning of his journey into entrepreneurship.
Amit Jain – Professional Life
After quitting TAS in 2002, Amit Jain ventured into his first entrepreneurial stint by starting NetProphets Cyberworks Pvt Ltd. It was one of the first internet marketing firms in India. As the founding CEO, Amit led strategy and business development for NetProphets.
In 2004, Amit along with internet entrepreneur Anurag Jain, founded GirnarSoft to build software products and digital businesses. Amit served as the CEO of GirnarSoft for many years.
Under his leadership, GirnarSoft emerged as a leading digital media and technology company in India. It operated various auto portals and software platforms serving the automotive industry.
One of GirnarSoft’s flagship portals was Gaadi.com for new and used car sales. As CEO, Amit Jain oversaw Gaadi.com’s growth into one of India’s largest online automobile marketplaces.
In 2015, Amit was appointed as the Co-Founder and CEO of CarDekho.com, the flagship auto portal from GirnarSoft stable. CarDekho was Amit’s brainchild and he successfully leveraged his digital media experience to build it into a leading car research and buying platform.
Under Amit Jain’s stewardship, CarDekho has expanded globally and he continues to serve as CEO guiding product development and business growth.
Amit’s Journey Towards CarDekho
After starting NetProphets Cyberworks, Amit Jain’s next venture was GirnarSoft in 2004 along with Anurag Jain.
GirnarSoft began as a digital solutions company focused on the rapidly growing internet and software services industry in India. It developed software products for clients across various sectors.
Gradually, Amit steered GirnarSoft into the digital media and classifieds space through several auto portals for new and used vehicles.
In 2008, GirnarSoft launched Gaadi.com as an online marketplace for buying and selling new/used cars and bikes. As GirnarSoft’s CEO, Amit Jain oversaw Gaadi.com’s expansion across India.
The success of Gaadi.com provided Amit the motivation to start CarDekho.com. He recognized the need for a car research portal with user-friendly car comparisons, reviews, pricing information etc. to aid the car purchase journey.
Leveraging GirnarSoft’s auto expertise and Amit’s astute business acumen, CarDekho was launched in 2007 as India’s pioneering car research website for consumers.
Right from conceptualizing the product to raising funding to executing expansion plans, Amit Jain has been the driving force behind CarDekho’s phenomenal rise over the years.
CarDekho – Founders
CarDekho was co-founded in 2007 by:
- Amit Jain – He is the CEO of CarDekho. With his entrepreneurial experience and passion for the auto industry, Amit provided the vision and leadership for launching CarDekho.
- Anurag Jain – He is the Chairman of CarDekho. An internet entrepreneur and GirnarSoft founder, Anurag helped mobilize the technical and financial resources to turn Amit’s idea into reality.
- Gaurav Mehta – The Chief Marketing Officer of CarDekho, Gaurav brings extensive digital marketing expertise to promote the brand.
The founding team was well-equipped with complementary skills in business strategy, technology, and marketing. Their collective efforts transformed CarDekho from a startup into India’s #1 auto portal within a few years.
While Anurag and Gaurav manage operations and marketing, Amit Jain as CEO provides the strategic direction and development of new business initiatives at CarDekho. The founders’ shared vision of simplifying car buying for Indians continues to drive CarDekho’s growth.
Inspiration for CarDekho
In the early 2000s, buying a car in India was an arduous process. From researching models to contacting dealers and negotiating prices – the car purchase journey was complex for buyers.
The co-founders Amit Jain and Anurag Jain had prior experience running auto portals like Gaadi.com for GirnarSoft. During their interactions with car dealers and consumers, they realized the difficulties buyers faced in terms of:
- Lack of centralized online resource for car research
- Absence of easy car comparisons
- No pricing transparency leading to negotiations
- Tedious process of contacting multiple dealers during purchase
Amit Jain saw this as a huge market opportunity to disrupt car buying in India. He conceived the idea of CarDekho – a cutting edge car research portal with intuitive interface to aid consumer’s purchase journey.
The mission was to become a one-stop-shop for car buyers by providing:
- Detailed car specifications, reviews, comparisons
- Accurate pricing information
- Tools to find right car as per budget and needs
- Dealer contacts for further purchase process
Amit leveraged GirnarSoft’s auto expertise and digital media experience to turn his vision into reality. His passion to simplify car buying using technology formed the genesis of CarDekho.
CarDekho – Startup Story
After identifying the market gap, Amit Jain founded CarDekho in 2007 along with Anurag Jain and Gaurav Mehta.
CarDekho started as a division of GirnarSoft Solutions Pvt Ltd which provided the initial infrastructure and funding support.
Amit Jain’s vision was to create a car research portal with detailed specs, expert reviews, comparison tools, and listings to simplify the purchase process.
The CarDekho website was launched in 2008 after months of designing the platform, collating car data, creating content assets etc.
Initially, CarDekho focused on generating car research content and building traffic through SEO and partnerships.
Slowly, car listings, lead generation services, and car comparison tools were added making CarDekho a comprehensive car buying portal.
From the beginning, CarDekho invested heavily in technology and product innovation. Amit Jain emphasized on using data analytics and AI to deliver personalized car recommendations.
Within 2 years of launch, CarDekho became India’s most visited auto site with 3 million monthly visitors indicating fantastic traction.
CarDekho’s effective use of digital media allowed it to scale rapidly at low costs compared to traditional auto firms. Amit’s technology-driven approach gave CarDekho an edge over competitors.
CarDekho – How it Works?
CarDekho operates an interactive car research and buying platform using a digital direct sales model. Here’s an overview of how it works:
- Extensive Car Research Content: The portal provides detailed specifications, reviews, comparisons, videos, articles etc. on all car models and brands. This aids research.
- Car Recommendation Tools: Users can find the right car by budget, features, seating capacity etc using advanced car suggestion tools.
- Accurate New/Used Car Prices: CarDekho provides estimated prices through proprietary algorithms and data analytics for price transparency.
- Car Listings and Dealers: Based on car choice, users can connect with local dealers who provide offers and facilitate test drives.
- End-to-End Car Buying: Users can get financing, insurance, accessories etc through CarDekho partners. The platform provides an end-to-end car buying experience.
- Personalized Experience: Using AI and user data, CarDekho delivers personalized car recommendations, custom deals, targeted content etc. to each user.
By bringing the entire car purchase journey online, CarDekho has simplified car buying in India compared to traditional methods.
CarDekho – USP and Innovation
CarDekho disrupted traditional auto portals and dealerships in India by providing the following unique innovations:
- Interactive Car Research: CarDekho offered the most comprehensive and user-friendly car research platform with tools like comparisons, videos, reviews etc. missing on other portals.
- Price Estimation Technology: Proprietary algorithms accurately estimate prices by analyzing various data sources. This gave buyers pricing power earlier only with dealers.
- AI-based Recommendations: CarDekho uses artificial intelligence to analyze user behavior and suggest the most relevant cars catered to individual needs.
- End-to-End Car Buying: The portal integrated services including financing, insurance, accessories etc. to provide a seamless online car buying experience.
- Strong Dealer Network: CarDekho aggregated the largest dealer network in India across metro and small cities. This provided more options to buyers.
- Innovative Brand Building: CarDekho leveraged creative digital marketing on social media and influencers giving it an edge over traditional auto firms.
By harnessing technology and innovation, CarDekho was able to disrupt legacy ways of car buying in India.
CarDekho – Business Model
CarDekho operates on a commission-based revenue model. The main sources of revenue for CarDekho are:
- Lead Generation for Dealers – CarDekho generates car buyer leads for dealers. Dealers pay a fee when user contacts them through the portal. This makes up 50% of revenues.
- Online Advertising – Car manufacturers and dealers advertise on CarDekho to target potential buyers. Banner ads, sponsorships, etc generate 30% of revenue.
- Additional Services – CarDekho earns commissions by selling insurance, loans, accessories etc to customers through partners. This accounts for 20% of revenue.
Additionally, CarDekho earns ancillary income through partnerships, data analytics, and white-labeled auto solutions for global clients.
The genius of CarDekho’s model is providing a unified car buying platform for consumers while also delivering high-intent users to auto companies for lead generation and advertising. This creates a win-win for both sides.
CarDekho – Funding History
As a leading startup, CarDekho has attracted substantial investment from venture capital firms and investors:
- Initial Seed Funding: CarDekho started under GirnarSoft in 2007 which provided the initial capital to launch the platform.
- 2010 – $2 million Series A round led by Sequoia Capital to scale technology and operations.
- 2013 – $15 million Series B round led by Hillhouse Capital to expand nationally.
- 2015 – $50 million Series C round led by Tybourne Capital, HDFC Bank and Times Internet to grow its auto ecosystem.
- 2018 – $110 million Series D round led by Sequoia and Hillhouse to consolidate market leadership in India.
- 2021 – $250 million Series E round led by LeapFrog Investments valuing CarDekho at $1.2 billion.
Prominent investors include Sequoia Capital, Hillhouse Capital, Tybourne Capital, Times Internet, HDFC Bank and LeapFrog Investments.
The funding has helped CarDekho invest in technology, acquisitions, marketing and achieve market leadership in India’s digital auto sector.
CarDekho – Challenges Faced
As a pioneering auto tech startup, some key challenges faced by CarDekho:
- Building Trust – In the initial years, convincing consumers to shift from physical dealers to online car buying was difficult. CarDekho overcame this by ensuring transparent pricing, guarantees etc.
- Dealer Tie-ups – Getting dealers, who were used to traditional ways, to adopt CarDekho’s online model required a lot of education and hand holding.
- Technology Adoption – Developing cutting-edge in-house technology for car recommendations, price estimations etc. especially with limited resources early on.
- Competition – Battling established classifieds players who later entered the auto portal space like Carwale, BikeDekho etc. CarDekho maintained lead through innovation.
- Education on Digital – CarDekho invested heavily in educating consumers across India about transacting online, internet payments, car financing etc. in smaller towns.
- Scaling Operations – Rapidly expanding nationwide operations, dealer network, warehouses etc. while maintaining quality and profitability.
Despite the challenges, CarDekho founder Amit Jain demonstrated strategic thinking and adaptability at each stage to make CarDekho Indias #1 auto portal.
CarDekho – Mergers and Acquisitions
To accelerate growth and consolidate its leadership, CarDekho has made several strategic acquisitions including:
- 2008 – Acquired fellow GirnarSoft auto portal Gaadi.com to strengthen its used car business.
- 2016 – Acquired roadside assistance firms Help On Wheels and IBB to boost its auto services ecosystem.
- 2017 – Acquired acquired Philippine auto portal Carmudi to expand globally especially in fast-growing Southeast Asian markets.
- 2018 – Acquired YouTube auto content creator PowerDrift to boost original video content production and distribution.
- 2021 – Acquired Kolkata based used car auction platform AUCARS to enhance its pre-owned car operations.
- 2021 – Acquired auto warranty startup WaaS to provide after-sales service solutions.
CarDekho has successfully integrated these acquisitions to expand its brand, services, and user base both in India and overseas.
The acquisitions aligned well with CarDekho’s expansion strategy outlined by CEO Amit Jain and powered its emergence as an auto-tech unicorn.
CarDekho – Growth
Starting from scratch in 2008, CarDekho has achieved phenomenal growth:
- Website Traffic – CarDekho became the #1 auto portal within 2 years of launch. It now gets 30+ million monthly visits compared to just 0.3 million in 2008.
- Dealer Network – CarDekho has expanded its dealer partnerships to over 10,000 across India compared to just 200 dealers in 2010.
- Revenue Growth – CarDekho’s revenues have surged from $2 million in 2010 to over $100 million in 2022, representing a CAGR of 63%.
- International Presence – Originally launched only in India, CarDekho now operates in Philippines, Indonesia, Malaysia, Thailand, and UAE.
- Product Portfolio – From a car research portal, CarDekho has evolved into an auto-tech company with portals, auto services, digital retailing, finance etc.
- Unicorn Status – In 2021, CarDekho turned unicorn after raising $250 million funding at a valuation of $1.2 billion.
CarDekho’s exponential growth has made it the leader in India’s digital auto ecosystem and expanded its global footprint in Southeast Asia.
CarDekho – Employees
CarDekho has emerged as one of the most coveted employers in the Indian auto and internet industry. Some key highlights:
- Employee Strength – CarDekho currently employs over 3000 professionals across its offices in India and international locations.
- Top Talent – CarDekho’s workforce comprises of management graduates from IIMs, NITs, XLRI along with engineers from IITs and other premier institutes.
- Work Culture – Employees highlight CarDekho’s collaborative work environment with an emphasis on innovation, learning and growth.
- Key Departments – The teams are organized across technology, product, content, marketing, sales, auto services, HR, finance etc.
- Leadership – Founder Amit Jain’s vision of cultivating leaders and subject matter experts is manifest in CarDekho’s management structure.
- Recognition – CarDekho has been certified as a Great Place to Work owing to its excellent work culture, rewards, and emphasis on diversity and inclusion.
By bringing together top talent and providing an enabling environment, CarDekho has built a world-class team to drive its growth journey.
CarDekho – Awards and Achievements
CarDekho’s success in transforming car buying has earned wide recognition through prestigious awards:
- ET Startup Awards 2021 – CarDekho won the ‘Top Enterprise Software Company’ for using AI and digital tools to simplify auto retail.
- India Digital Awards 2021 – CarDekho was awarded ‘Best Auto Portal’ affirming its leadership in the digital auto space.
- IAMAI India Digital Awards 2020 – CarDekho won the ‘Best Auto Media Website’ for bringing innovation and ease to car buying.
- Auto Tech Outlook Awards 2020 – CarDekho was rated among the ‘Top 10 Automotive Solution Providers’ globally for its cutting-edge platform.
- NDTV Car & Bike Awards 2019 – CarDekho received the award for ‘Car Buying Website of The Year’ based on consumer surveys.
- Business World Digital India Summit 2018 – CarDekho was recognized among India’s most ‘Innovative Digital Companies’.
The accolades validate CarDekho’s success in leveraging technology to transform auto commerce in India.
CarDekho – Impact on Indian Car Buying
CarDekho has profoundly impacted car purchasing in India through:
- Price Transparency – CarDekho’s accurate pricing estimation tools removed information asymmetry and gave buyers more negotiating power.
- Convenience – The online research to purchase journey ensured convenience compared to traditional physical visits to dealers.
- Wider Options – CarDekho’s partnerships with 1000s of dealers gave buyers access to more models and variants compared to local dealers.
- Unbiased Research – Expert reviews and comparisons helped consumers make informed decisions unlike biased opinions of direct sales agents earlier.
- Personalization – CarDekho’s AI algorithms provide customized recommendations tailored to buyer’s budget and needs.
- Cost Savings – Online purchasing through CarDekho enabled significant savings compared to direct dealership purchases.
- Geographical Reach – CarDekho brought the car buying experience online to smaller towns which lacked dealer presence.
CarDekho’s data-driven online model has reshaped car buying towards being more transparent, convenient and buyer-centric compared to the previous status quo.
CarDekho – Future Plans
CarDekho has ambitious plans for the future:
- Enhancing Personalization – Using data science to deliver ultra-personalized recommendations to each user for higher purchase conversions.
- Expanding Dealer Base – Growing dealer partnerships in existing and new markets to provide more options to consumers.
- New Auto Categories – Expanding from cars to include two-wheelers, commercial vehicles etc. to become a full auto-tech platform.
- Global Growth – Further expanding its international footprint in high-potential markets of Southeast Asia, Middle East etc.
- Diversification – Leveraging its auto commerce platform for allied services like insurance, financing, accessories etc.
- Innovation – Continuous technology innovation through R&D investments in AI, ML, IoT etc. to improve platform and user experience.
- Strategic Acquisitions – Acquiring synergistic startups across auto tech, digital retail, and finance domains to augment capabilities.
- Leadership Development – Strengthening organizational leadership and talent to sustain innovation and growth as a global company.
CarDekho is gearing up to consolidate its position as the top digital auto platform locally while expanding globally in the coming decade.
Summery
The journey of CarDekho and its founder Amit Jain provides invaluable lessons for aspiring entrepreneurs in India. Identifying the gap in car buying, Amit leveraged his digital media experience to fulfill this need through technology.
Despite initial challenges, Amit persevered with his vision of simplifying auto purchase for Indians. His emphasis on innovation and consumer focus has made CarDekho the go-to platform for car research and buying.
From an initial team of 15 in 2008 to over 3000 employees and $100 million revenues today, CarDekho’s growth is a testament to Amit’s leadership. CarDekho has transformed antiquated car buying towards transparency and personalization using data and AI.
Amit Jain serves as an inspiration on how entrepreneurs can find solutions to real consumer problems. His ability to foresee trends and continuously innovate has made CarDekho a unicorn within just 15 years of its founding.
The CarDekho story reinforces that with determination, strategic thinking and execution, entrepreneurs can build disruptive ventures that benefit millions. As CarDekho continues to drive progress in auto commerce, Amit Jain’s journey highlights the rewards of persevering in one’s entrepreneurial vision.
Frequently Asked Questions about CarDekho Founder & Startup
How does CarDekho make money?
CarDekho makes money primarily through commissions on new and used car sales, financing, and insurance products. It also earns revenue from online advertising and partnerships.
How much did Amit Jain invest in Shark Tank India?
Amit Jain invested ₹3.5 crores in Shark Tank India during the first season.
How old is Amit Jain Shark Tank?
Amit Jain is 45 years old as of 2023. He was born in 1977.
Is Amit Jain the richest shark?
Yes, Amit Jain is considered the richest shark on Shark Tank India with a net worth estimated at over $650 million.
Is CarDekho a good company?
CarDekho is one of the leading auto portals in India and is generally considered a well-run, profitable company. It provides a useful service to car buyers.
Is CarDekho a loss making company?
No, CarDekho has been profitable since 2018. It posted profits of ₹41 crore in FY2021.
Is CarDekho a startup?
CarDekho was founded in 2007, so it is no longer considered an early stage startup. However, it is still a privately held internet company.
Is CarDekho a unicorn?
Yes, CarDekho achieved unicorn status in 2022 when it raised funds at a $1.2 billion valuation.
Is CarDekho profitable?
Yes, CarDekho has been profitable since 2018. It posted ₹41 crore in profits for FY2021.
What companies are owned by CarDekho?
Major companies owned by CarDekho Group include CarDekho.com, Gaadi.com, ZigWheels, BikeDekho, and InsuranceDekho.
What companies did Amit Jain invest in?
Some of Amit Jain’s key investments have been in CarDekho, Bulbul, NeoBanks, and FPL Technologies.
What is Amit Jain biggest deal?
Amit Jain’s biggest deal on Shark Tank India so far is ₹3.5 crores invested in eco-friendly bamboo products company Bamboo India.
What is the business of CarDekho?
CarDekho is an auto portal that connects car buyers with dealerships. It also facilitates sales, financing, insurance and other services to help consumers buy and own cars.
What is the net worth of Amit Jain?
Amit Jain has an estimated net worth of over $650 million as of 2023.
What is the net worth of CarDekho?
CarDekho was valued at $1.2 billion in its latest funding round in 2022.
What is the story of Amit Jain?
Amit Jain comes from a business family but founded CarDekho Group on his own in 2007. He has grown it to a profitable unicorn company.
Which car Amit Jain owns?
Amit Jain has been seen driving a Mercedes-Benz E-Class.
Which state is CarDekho from?
CarDekho was founded in Jaipur, Rajasthan. Its headquarters remain there today.
Who are the competitors of CarDekho?
Major competitors of CarDekho include Droom, Cars24, CarTrade, and AutoTrader.in.
Who is the CEO of CarDekho used car?
Amit Jain is the CEO and Co-founder of the entire CarDekho Group, including its used car business.
Who is the owner of CarDekho on Shark Tank?
Amit Jain, CEO and Co-founder of CarDekho Group, is the shark representing CarDekho on Shark Tank India.
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