The immense paperwork and long tedious process of insurance for used vehicles has been a problem for most buyers across India. Recognizing the same and the immense potential this market holds, Cardekho has entered into a strategic partnership with the Accel/SAIF Partners-backed online insurance platform Coverfox.
so customers buying used cars on its platform can also easily insure their cars at point of sale as well as renew policies with a choice of top insurance companies through Coverfox platform.
We intend to create a 360-degree experience for our customers, who choose their car with ease on our website but then have to go through the hassle of traditional insurance rituals to get their vehicle covered. Our partnership with Coverfox will help us create value for our used car dealers and customers alike, by providing them a single-step resolution to all their insurance buying needs.
said Amit Jain, CEO, Cardekho.
Coverfox helps its customers by-pass the usual hassled experience of getting an insurance. The startup offers insurance comparison and buying services in domains such as Health, Automobile, Travel and Home.
The platform guarantees to provide you with your required insurance package in just 5 minutes, with timely advise coming from its team of insurance experts. The expert panel has over 10 years of industry and domain expertise, and thus carefully looks at all the fine print and the details. It then rates over 200+ plans so as to offer the customer, the best possible.
The collaboration with Cardekho is a strategic step to enable consumers makes a well considered insurance choice in a quick and credible manner.
said Varun Dua, founder & CEO of Coverfox.
It is noteworthy that the used car market now exceeds the new car market in India and according to an industry survey, for every 100 new cars sold in India, 110 pre-owned cars are sold. The used car market is growing at around 20-25%CAGR and is predicted to grow 4x in the next four years.
On the manufacturing side, new passenger vehicle production is expected to increase to 10 million in FY20 from 3.2 million in FY15, as per IBEF. This has put cardekho.com, an early entrant beginning in 2008, in a very a massively favourable position, with company claiming to currently drawing close to 17 million visits and 10 million uniques per month.
Combined with its Gaadi.com acquisition in 2014, Zigwheels.com in 2015 & Buying IQ, a comparative shopping portal, CarDekho is now perhaps India’s biggest platform for used vehicles. It recently concluded concluded its Series B funding in Jan 2015, picking up $50 Million in that new round. This was the largest ever funding for a company in the auto portals sector in India, with parent company Girnar Software Pvt. Ltd. now valued to the north of $300 Million.