CarDekho

Emerging Asia’s springboard for mobility

Industry:

Online auto sales/ Insurance

Region:

South Asia

Website:

cardekho.com

55,000 0 +

Active agents

60 0 M

Unique monthly visitors

90 0 %

Indian purchasers visit site

CarDekho is India’s leading marketplace for vehicles, auto-finance and insurance, enabling millions of consumers to access mobility. Ten Indians buy a policy from InsuranceDekho every minute, and more than 2.4 million searches for electric vehicles are made on its platforms each month.

For many millions of emerging consumers, mobility is the key that unlocks opportunity.

Mobility dramatically increases school enrolments, improves access to healthcare, broadens employment opportunities, and is a major source of direct employment for many emerging consumers.¹

While rates of personal mobility have increased substantially as two and three wheelers have become more affordable, it is still the case that women rely on public transport for their commute. Over 80% of trips taken by Indian women for work are estimated to be by public or non-motorised transport, even as 54% of women report that they find public transport unsafe.^2,3 This contributes to low rates of women’s participation in the labour force – at just 32% in 2022, compared to 77% for males.⁴

Traditionally, access to mobility for emerging consumers has been a difficult and fraught experience. Personal finance can be hard to obtain due to a lack of formal documentation and low willingness of banks to provide credit for used vehicles, often perceived as a higher risk. Similarly, insurance can be costly due to opaque pricing and low customer insurance literacy. Increasingly, consumers are looking to online sources to start their purchase journey, with more than 85% researching online before a purchase and 50% willing to complete a vehicle purchase online.⁵In this context, supporting increased access to mobility encompasses both delivering financial inclusion through vehicle finance and insurance options, and also delivering quality and consistency to lower-income consumers via more transparent vehicle marketplaces.

1 UNESCAP 2017, Roads to Equal Access: the Role of Transport in Transforming Mobility| 2 World Bank, Designing Public Transport in India that Works for All, 2023| 3 Observer Research Foundation, Women on the Move, 2021 | 4 Ministry of Labour and Employment, Female Labour Utilisation in India, April 2023 | 5 McKinsey & Co, Inside Indian consumers’ embrace of electric two-wheelers, 2023

Trust and transparency in India's vehicle market

CarDekho is a leading consumer brand in India, operating auto sales, classifieds, finance, and insurance businesses. It reaches 12.2 million emerging consumers, and a staggering 90% of Indian auto purchasers will visit the platform before buying a vehicle.

CarDekho’s market position gives it enormous power over the story of mobility in India, and in other emerging economies across Southeast Asia where it is expanding its presence. CarDekho’s insurance subsidiary, InsuranceDekho, is one of the largest digital insurance brokers in India. It enables millions of emerging customers to access insurance products and at the same time provides employment to over 55,000 active sales agents with a majority in Tier II cities and beyond.

Three quarters of those who accessed used car finance through CarDekho earn less than $10,000 per year and many others run small businesses and may not have fully documented recurring sources of income. To solve this issue and improve access to finance and insurance, CarDekho draws information from its data-backed asset pricing engine to more reliably calculate loan and insurance risks.

CarDekho is also enabling India’s transition to EVs, with, more than 2.4 million searches for EVs conducted across CarDekho’s platforms each month. Tax incentives and subsidies across Indian states now mean it is realistic that low-income consumers can upgrade traditional petrol and diesel vehicles for EVs, with running costs that are as much as 70% less over the life of the vehicle. The company’s fintech subsidiary Rupyy also provides loans to customers for electric two-wheelers, helping to increase the uptake of these vehicles, while its platforms provide information for those considering EVs, including maps of more than 1606 charging stations across 214 cities.

India's mobility is driven by access to financial services

LeapFrog believes that balancing access to mobility with improvements in transport safety and environmental impact is key to delivering an overall improved quality of life to emerging consumers.

LeapFrog is leveraging its long history and expertise in growing Indian insurance leaders, with prior investments in Mahindra Insurance Brokers and Shriram Group, to enhance the reach of CarDekho’s vehicle insurance products, expand its agency network, and explore opportunities to expand into health and life insurance.

In 2023, LeapFrog assisted with, and participated in a $150m funding round for InsuranceDekho alongside Goldman Sachs and TVS Capital, the largest Series A by an Indian insurtech. Funds raised will fuel the company’s expansion into more Tier II and Tier III cities in India, as well as inorganic growth opportunities.

India is on the cusp of making EVs truly affordable, with a range of domestic manufacturers launching affordable EVs in a revolution similar to the proliferation of cheap petrol cars a decade ago. LeapFrog believe it is important to help CarDekho both grow its reach into the emerging consumer segment, through improved delivery of its finance and insurance products, while also supporting the company to aggressively expand low-emission vehicle sales across emerging Asia.

LeapFrog is working with CarDekho on environmental programs across its platform, and to track and target key impact data including average selling prices, vehicle types, % first time buyer, EMI/income ratios and other factors that indicate CarDekho’s products are ever more accessible and affordable to emerging consumers. In 2023, CarDekho merged with shared mobility platform Revv, to expand its product offering with more flexible and affordable options. Delivering and scaling a trustworthy vehicle marketplace and one-stop solution for Asia’s emerging consumers will tackle many of the mobility access issues faced across the region, empowering people to escape poverty traps and to access new opportunities in employment, education and healthcare.

Page last updated September 2024.

CarDekho

55,000 0 +

60 0 M

90 0 %

The Challenge

For many millions of emerging consumers, mobility is the key that unlocks opportunity.

CarDekho's Solution

CarDekho is a leading consumer brand in India, operating auto sales, classifieds, finance, and insurance businesses. It reaches 12.2 million emerging consumers, and a staggering 90% of Indian auto purchasers will visit the platform before buying a vehicle.

LeapFrog’s Impact

LeapFrog believes that balancing access to mobility with improvements in transport safety and environmental impact is key to delivering an overall improved quality of life to emerging consumers.

CarDekho

55,000 0 +

60 0 M

90 0 %

The Challenge

For many millions of emerging consumers, mobility is the key that unlocks opportunity.

CarDekho's Solution

CarDekho is a leading consumer brand in India, operating auto sales, classifieds, finance, and insurance businesses. It reaches 12.2 million emerging consumers, and a staggering 90% of Indian auto purchasers will visit the platform before buying a vehicle.

LeapFrog’s Impact

LeapFrog believes that balancing access to mobility with improvements in transport safety and environmental impact is key to delivering an overall improved quality of life to emerging consumers.

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Auxilo Finserve raising $30m from LeapFrog Investments

LeapFrog leads ₹279-crore funding round in education finance firm Auxilo

LeapFrog named Impact Investor of the Year (Financial Inclusion)

LeapFrog grows climate investment strategy team

InsuranceDekho Raises $150m in Series A Funding

Insurtech enjoys an Indian summer