Shark Tank Judge and CarDekho founder Amit Jain, who left 3 lakh Rs Job and made a business worth million dollar
The CEO and co-founder of CarDekho, Amit's journey from a middle-class upbringing to building a billion-dollar company is nothing short of inspirational.
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Early Life and Education
Amit Jain was born on November 12, 1976, in Jaipur, Rajasthan. Amit's childhood was marked by simplicity and a strong emphasis on education. His mother Nilma Jain was a homemaker, and his father, the late Prashant Jain was an ex-RBI officer and gemstone businessman.
He completed his schooling at Saint Xavier’s School of Jaipur till 10th standard.
Amit moved to Mumbai in 11th grade when his father was transferred there. Walking with his father on a marine drive, he often dreamed of owning a luxury car. He was known for his mischievous nature, his mother often joked about opening a tea shop for him if he didn't study well. He even failed in 11th grade and enrolled in a local Jaipur college, where he realised that he didn't want to do this.
His father encouraged belief in him. He instilled in him the values of hard work and perseverance. Amit dedicated himself to his studies and secured admission to IIT Delhi after a year of hard work. This milestone reinforced his belief that hard work could help him achieve anything. After graduating, Amit joined Tata Consultancy Services, where he learned Java and gained valuable experience with a salary of ₹10,000.
He even lived in a guard room just to save time and save more time for learning. This was followed by a stint at Trilogy, where he worked as a Senior Associate, Delivery Manager, and Product Manager for around seven years. His dedication and skills soon earned him a lucrative opportunity in the US, where he used to earn ₹3 lakhs per month.
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In September 2006, Amit lost his father to cancer. He and his brother left their job and returned to Jaipur. They spent the last six months by his side. His father a small-time gemstone trader, left behind a business that Amit and his brother took over.
This period was a profound learning experience for Amit and revealed the harsh realities and struggles of running a business. Despite initial successes, Amit felt unfulfilled as their intellectual potential remained untapped.
The Birth of GirnarSoft and CarDekho
In 2007, Amit, along with his younger brother Anurag Jain, founded GirnarSoft. It was an IT outsourcing company. The brothers operated out of a small garage at their home, with a dream to create something impactful from their hometown.
The initial years were challenging, they used to hire people in table chair setups. Some people even judge them and refuse to work with them. But the company's first year proved profitable and enabled them to move to a proper office.
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However, the 2009 stock market crash hit GirnarSoft hard. The company went bankrupt and left Amit and Anurag in a dire situation with 70-80 employees and no funds even to pay salaries. Despite these setbacks, Amit learned the importance of financial discipline and resilience.
The idea of CarDekho
The idea for CarDekho came during the Auto Expo in Delhi. Amit and his brother Anurag saw an opportunity to create an online platform for car research and sales. Despite financial constraints, they launched CarDekho in 2008 and believed it could recover their losses. Their decision paid off, and CarDekho quickly gained traction. It became the flagship project of GirnarSoft.
But CarDekho's success was not immediate. The brothers faced numerous challenges, from financial struggles to market competition. Yet, they persevered, focusing on building a robust and user-friendly platform. Their hard work paid off in 2013 when CarDekho received substantial funding from Sequoia Capital. This investment fueled the company's growth and led to the acquisition of Gaddi.com in 2014 and Zigwheels in 2015.
Under Amit's leadership, CarDekho transformed into India's number one autotech portal. By 2021, the platform had over 35 million monthly users, 6,000+ monthly used car sales, and over 3,000 new cars sold monthly. In October 2021, CarDekho became a unicorn startup and raised $250 million in its Series E funding round. It brought its valuation to $1.2 billion.
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GirnarSoft, the parent company of CarDekho, continued to expand its portfolio with other successful ventures like BikeDekho and PriceDekho. The company received investments from notable entities, including Google Capital, Tybourne, HDFC, and Ratan Tata.
Amit Jain in Shark Tank India
Amit's entrepreneurial journey caught the attention of the producers of Shark Tank India. In Season 3, he joined as one of the judges, replacing the popular Ashneer Grover. Amit mentors young entrepreneurs and fosters an entrepreneurial mindset across India. His famous line in the show is "Pehle Banda Fir Dhanda" (First person then business) and he believes so.
Amit Jain's story is a testament to the power of persistence, innovation, and resilience. His journey from a small garage to leading India's largest online car-buying platform is filled with valuable lessons.
Despite numerous setbacks, Amit never gave up on his dreams. He continuously sought new ideas and approaches to stay ahead of the competition. Amit believed in nurturing young talent and creating a team that grew with the company.
Amit Jain's entrepreneurial journey is a beacon of hope for aspiring entrepreneurs. His story illustrates that with hard work, determination, and a bit of ingenuity, one can overcome any obstacle and achieve extraordinary success. As Amit often says, “If I can, then obviously you can.”
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