Amit Jain: all you need to know about the new shark

Amit Jain, an alumni of IIT Delhi, CEO, co-founder of CarDekho proved to be a jaw-dropper when he appeared in the season two trailer of Shark Tank and has seemed to replace the former BharatPe founder Ashneer Grover.
Image Credits: LinkedIn
Image Credits: LinkedIn

 

Amit Jain, an alumni of IIT Delhi, CEO, co-founder of CarDekho proved to be a jaw-dropper when he appeared in the season two trailer of Shark Tank and has seemed to replace the former BharatPe founder Ashneer Grover.

The new shark has raised a ton of questions in the viewer's minds, like who is Amit Jain? 

What happened to Ashneer Grover? 

Find the answers here! 

Key takeaways: Who is Amit Jain?

  1. The entrepreneur Amit Jain who's company CarDekho is valued over a 1.2 billion dollars has worked with Trilogy a Texas based company as a senior associate in Austin  and TCS.
  2.  Amit Jain is from Jaipur 
  3. The new shark is an alumnus of the Indian Institute of Technology Delhi and did his schooling at Jaipur's Saint Xavier's School, as per his LinkedIn profile
  4. In 2006, entrepreneur Jain planned to create an IT outsourcing company in his hometown, Jaipur.
  5. In 2008, after Amit Jain and his brother attended Delhi's Auto-Expo, they were inspired and thought of the bright idea of  CarDekho.

Amit Jain’s Timeline

  1. In 1999 ,Amit Jain completed his education from IIT Delhi.
  2.  In 2006, Jain and his brother turned their garage into a makeshift office and inaugurated their own software outsourcing company. GirnarSoft. Report by Startup Talky states that the duo employed a team of 20 people and the early years of the company were profitable. Though after a while, the company saw a decline and fell into losses. They reportedly lost around 1 crore in stock.
  3.  In 2008,The idea for CarDekho occurred to the brothers after they toured the Auto Expo in New Delhi."Our goal was to leverage technology and provide the best-in-class car buying or selling experience to the users. We set up a portal where people could come to find the right information and review cars before making the decision of buying," says Jain's LinkedIn profile.
  4. In 2013, the tables turned when  CarDekho saw a profit after 7 years and the company secured Series-A funding of over 15 Million dollars.
  5.  In September 2021 ,According to the company's website, CarDekho Group exceeded the $100 million revenue run-rate with strong performance across business segments. 
  6. The company is currently valued at $1.2 billion, not only that but they will be expanding its Used Car retail transactions business geographically. They are on their way to catalogue 10,000 cars in the near future. 
  7. The company schemes to spread its roots across India with retail hubs that will consider both used car buying and certified pre-owned car retail transactions with customers.

Amir Jain’s 'Drive'

  1.  Jain acknowledges that he lives in the moment and has a strong drive to create something for the future while having a great time with his family.
  2.  Amit Jain told Hindustan Times, "I think I am both, depending on the context. I am very objective most of the times. When it comes to people side of things, I am more heart and when it comes to business side of things, I am more head.”

About Cardekho 

  1. CarDekho is a search enterprise that helps users to buy cars that fits their requirements.
  2.  The website and app maintain automotive content like expert reviews, thorough specifications and rates, along with pictures and videos of all car categories that are available in India.
  3. Evident in its official website, Cardekho has joined hands with many automobile manufacturers. Almost  and more than 4000 car dealers to facilitate buyers.
  4.  CarDekho is one of the five biggest auto portals globally.

The Jain brothers wish to meet a wider range of needs associated with automotive lifestyles. 

 “We want the consumer to be with us through the entire eco-system, from buying to maintaining a car.” As per Amit in an interview with Open magazine.

What happened to Ashneer Grover?

  1. In March 2022, Ashneer Grover resigned from the board of BharatPe and left the managing director position after an interval of upheaval with the board.
  2. In late January, Grover took a two-month leave of absence after an alleged audio clip emerged on social media where a man was heard hurling abuses and life-threatening statements on a recorded phone call to a representative of Kotak Mahindra Bank for not getting financing to buy shares in Nykaa’s IPO.
  3. This clip urged BharatPe’s board to undertake an investigation into financial anomalies charges against Ashneer Grover and his wife, Madhuri, who was the company’s head of controls.
  4. According to a report by Economic Times, an initial investigation indicated that fraudulent transactions within the company occurred on which the board decided to take further steps.
  5. A  BharatPe spokesperson stated “Ashneer Grover resigned minutes after receiving the agenda for the upcoming board meeting that included submission of the PWC report regarding his conduct and considering actions based on it.”

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