CarDekho CEO Amit Jain Story: 33rd Unicorn | Shark Tank Judge

Introduction

Amit Jain, the CEO & Co-founder of CarDekho, has gained fame as one of the sharks on Shark Tank India. Taking over from Ashneer Grover for Season 2, he gained popularity for his insightful financial wisdom and sharp calculation skills. 

Reputed as the richest shark on Shark Tank, Amit expressed his enthusiasm for joining the show through a LinkedIn post, stating his eagerness to mentor emerging entrepreneurs towards building a new India. 

This blog will explore Amit Jain's personal background, early experiences, investment ventures, and his highly successful startup, CarDekho.

Early Life and Education

Amit Jain is from Jaipur, Rajasthan, and he grew up there, attending Saint Xavier’s School. He was doing well academically until the 9th grade. 

However, things took a turn when his family moved to Bombay due to his father's job transfer. While adjusting to a new environment, he lost focus on his studies, and unfortunately, he ended up failing the 11th standard. 

This was a huge shock for Amit. Although he managed to pass the 11th standard with grace marks, his performance in the 12th grade wasn't much better. To add to the disappointment, he also didn't make it through the IIT entrance exam. 

Naturally, this series of setbacks left Amit feeling pretty down. Thankfully, his father stepped in with some much-needed encouragement, motivating him to give it another shot.

Amit's IIT Dream

After facing a setback in his first attempt at IIT, Amit decided to take a gap year and put in immense effort, eventually securing a spot at IIT Delhi. 

There, he truly understood the power of hard work and its ability to open limitless possibilities in life. 

However, his journey as an entrepreneur didn't kick off during his college days. Instead, after earning his degree, he ventured into the corporate world, landing a job at TCS.

Personal Details

Here are some personal details about CarDekho founder Amit Jain, offering a glimpse into his life and journey.

• Full Name: Amit Jain
• Date of Birth: 12th November 1977
• Age: 46 Years (as of 2024)
• Hometown: Jaipur, Rajasthan
• Company Founded: Car Dekho, BikeDekho, GirnarSoft, PriceDekho
• Current Position: CEO & Co-founder of Car Dekho, BikeDekho, GirnarSoft, and founder of PriceDekho
• Current City: Jaipur, Rajasthan
• Parents: Father - Late Mr Prashant Jain
• Marital Status: Married
• Spouse: Pihu Jain 
• Children:  Aayan Jain and Aahil Jain.

 

 

Entrepreneurial Journey of Amit Jain

Back in 2006, Amit Jain was just a regular guy working in Austin at Trilogy, holding various roles such as senior associate, distribution manager, and product manager. 

However, when his father's health took a turn for the worse, he returned his home to be with his family. After his father passed away, Amit took over his father's gems business.

Despite finding himself in a different line of work, Amit yearned for something new. Alongside his younger brother Anurag Jain, he started his entrepreneurial journey with 'Girnar Soft'.

Starting from their hometown in 2006, they set up a small office in their home. GirnarSoft specialises in providing business value-based IT solutions and services, including offshore products and outsourced software development. 

The company quickly gained popularity as one of India's fastest-growing young IT companies, even earning the title of 'Top Developer' for mobile app development from Google. With the support of esteemed investors like Sequoia, Google Capital, Tybourne, HDFC, and Mr. Ratan Tata himself.

Amit's passion for cars set the way for their next venture CarDekho. Amit and his brother Anurag attended the car expo in Delhi. Upset by the lack of detailed information at a car expo, Amit and his brother decided to launch an online portal called Cardekho.com.

Their vision was simple: to provide potential buyers with detailed information about cars to aid in their purchasing decisions. Additionally, they developed a platform to connect buyers and sellers of used cars.

Remarkably, they achieved immense popularity without spending a penny on marketing. CarDekho soon became their flagship project, merging with Gaadi, Zigwheels, Carmudi Philippines, and Carddrift.

Today, CarDekho stands as India's leading Autotech portal and Rajasthan's first unicorn startup. With over 35 million monthly unique users, 6000+ monthly used car sales, and 3000+ new cars sold monthly, it has become a powerhouse in the automotive industry. Building on this success, the Jain brothers have expanded their portfolio to include other ventures such as InsurenceDekho, CollegeDekho, BikeDekho, and more.

 

Facing Challenges

GirnarSoft had a great start, expanding to a team of 20 and even securing their own office space. However, things took a turn when the 2009 stock market crash hit, leading the company to face bankruptcy. The Jain brothers found themselves in a tough spot, unable to cover salaries and office expenses.

Despite this setback, Amit and his brother Anurag didn't let it stop them. They crunched the numbers and decided to take a risk by launching Cardekho.com. Remarkably, they got the website up and running in just two weeks. 

Thanks to Amit's impressive SEO skills, CarDekho.com experienced exponential growth over the years. Their resilience and determination paid off as they turned a challenging situation into a thriving business opportunity

Personal and Professional Achievements

Since its inception in March 2008, CarDekho has celebrated its 16th anniversary in 2024. Despite facing initial challenges, CarDekho quickly rose to prominence, becoming one of the most popular websites in its domain. 

Amit and Anurag Jain's firm dedication and hard work reflect their long-term vision to transform the automotive industry. Their commitment to innovation and continuous improvement is obvious not only in CarDekho but also in their ventures across various other industries. 

Personal Achievements:

1999: Completed his graduation from IIT Delhi (India).
2023: Appears in season 2 of the shark tank India.

Cardekho Milestones:

2008: Founded as Cardekho.com
2012: Served 2.5 crore visitors and sold 1.7 lakh used car
2013: Secured Series-A funding of $15 Million.
2014: Become a team of 600 employees.
2014: Launched its IOS app and became the first among car portals to do so.
2021: Become a growing unicorn startup in india (valuation over $1.2 billion).

Cardekho Awards:

• CarDekho Won Best Car Website of the Year in 2012.
• CarDekho Won Most Popular Website 2012.
• CarDekho Won Best Website of the Year India 2012.
• Car Dekho won Gold at the Golden Cart Award.
• Best Automotive Website in 2019

 

 

Shark Tank India Season 2

Amit Jain made waves when he joined Season 2 of Shark Tank India, replacing Ashneer Grover. He soon became popular as one of the richest sharks on the show, his presence added a new dynamic to the panel. 

Known for his sharp business acumen and precise calculations, Amit quickly became a favourite among both viewers and aspiring entrepreneurs.

Amit's approach on the show is marked by his supportive nature towards new founders, offering valuable insights and guidance to help them fight the challenges of entrepreneurship. His investment portfolio continues to grow as he backs a diverse range of companies, strengthing his reputation as a savvy investor.

Investments and Net Worth

Here is the list of investments Amit Jain has made to contribute to the growth of the entrepreneurial ecosystem. With a current net worth of US $365 Million, Amit Jain’s success story is an inspiration for aspiring business leaders.

• ReFit Global (Feb 21, 2024): ₹20M (Angel Round) 
• Chefling (Feb 20, 2024): ₹4M (Angel Round)
• Funngro (Mar 3, 2023): ₹5M (Pre-Seed Round)
• Pharmallama (Mar 2, 2023): ₹20M (Seed Round)
• Aadvik Foods (Mar 1, 2023): ₹1.5M (Seed Round)
• Gladful (Feb 24, 2023): ₹5M (Seed Round)
• Snitch (Jan 30, 2023): ₹15M (Angel Round)
• Dobiee Foods (Jan 21, 2023): ₹7.2M (Seed Round)
• MOPP Foods (Jan 20, 2023): ₹7.5M (Seed Round)
  
  Amit jain strategic investment in various industries shows his business acumen and support for the new founders.

Did You Know?

Amit Jain has a passion for books, with his favourite being "Built to Last" by Jim Collins. When he's not diving into a good read, he enjoys watching movies, with "3 Idiots" topping his list of favourites.

 

 

Conclusion

Amit Jain, originally from a small town, achieved something truly remarkable by founding a unicorn startup right in his hometown, eventually becoming one of India's most successful entrepreneurs. His investments in various companies reflect his desire to support and uplift budding entrepreneurs.

Amit's journey is evidence of the power of hard work and perseverance. It serves as an inspiring reminder that with dedication, anything is possible. This motto isn't just a mantra for the entrepreneurs he supports; it's also the guiding force behind his own life's journey.