CarDekho Group has invested in BiUP Technologies to boost its AI-powered mobility solutions, leveraging BiUP's expertise in AI and immersive technology.
The partnership aims to transform vehicle searches into conversational experiences using BiUP's advanced technologies on CarDekho’s platforms.
This move is part of CarDekho's broader strategy to expand its offerings and market reach, following its ventures into agricultural and financial sectors.
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Jaipur-based CarDekho Group, the parent company of automobile marketplace CarDekho and insurance aggregator InsuranceDekho, has partnered with SaaS platform BiUP Technologies through its investment arm Girnar Vision Fund (GVF) to drive AI-powered mobility solutions.
As part of the strategic partnership, GVF has made an investment commitment with BiUP Technologies, a SaaS company which specialises in AI-led immersive tech and data analytics, for an undisclosed amount, besides offering domain expertise and ecosystem advantages of CarDekho Group, the company said in a statement.
BiUP.ai,. The partnership will leverage CarDekho’s domain expertise and ecosystem advantages to propel BiUP Technologies into Indian and global markets.
Prashant Sinha, cofounder and CEO, BiUP Technologies, said, “We are developing products designed to address both current enterprise challenges and future needs, all supported by our proprietary AI engine. We are excited to have CarDekho Group as our strategic investor. Their investment brings not only capital but also invaluable domain expertise.”
The collaboration seeks to transform traditional vehicle search methods into a more conversational experience as BiUP’s technology will enable virtual vehicle exploration, predictive AI, and intelligent web solutions for CarDekho’s platforms, the statement added.
Founded in 2008, CarDekho Group operates various platforms in the autotech and finance sectors, including CarDekho.com, InsuranceDekho, Rupyy, and Revv. The company, valued at $1.2 Bn,counts Peak XV, Hillhouse Capital, CapitalG and Ratan Tata Trust, among its investors.
In May, CarDekho expanded into the agricultural sector with TractorsDekho, a platform designed to simplify tractor research for India’s farming communities. The platform aims to connect buyers, sellers, dealers, and service centres.
Prior to that, in March, CarDekho’s fintech arm Rupyy entered the personal lending space. Initially focusing on small ticket loans up to INR 40,000, Rupyy plans to scale up to INR 2 Lakh and above in the future. This move aims to grow its user base to 40-50 Mn.
In FY23, Cardekho Group’s consolidated revenue grew by 1.5X to INR 2,331 Cr, even though net loss rose marginally to INR 562 Cr from INR 535 Cr in FY22.
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