SUMMARY
- Tractor Junction’s revenue in FY24 grew 2.3X to Rs 62 crore.
- Its expenses amounted to Rs 72.8 crore in FY24, up from Rs 35 crore in FY23.
- It was able to reduce its losses by 51%, dropping to Rs 3.6 crore in FY24.
Tractor-focused marketplace, Tractor Junction‘s revenue in FY24 surpassed the mark of Rs 60 crore. Additionally, the firm has managed to cut its losses by 51% over the same period.
The Bengaluru-based company’s revenue in FY24 saw a significant increase of 2.3X, rising to Rs 62 crore from Rs 26.8 crore in FY23, according to its annual reports obtained from the Registrar of Companies (RoC).
During FY23, Tractor Junction’s gross scale grew by 3 times.
Tractor Junction operates as a marketplace for rural vehicles, offering services for buying, selling, financing, and insuring both new and used tractors, farm equipment, and rural commercial vehicles. It also provides crucial information and verified reviews on agricultural machinery, aiding customers in making informed decisions.
The marketplace earned 73% of its income from tractor sales, rising 3X in FY24, with the remaining 27% coming from services related to tractors. It also received Rs 5.8 crore in interest from deposits, taking its total income to Rs 67.8 crore for FY24.
60% of the expenses went to material costs, which rose to Rs 43 crore. Employee benefits were another major expense, making up 21% of the total expenses. Other costs included advertising, finance, and rent, totaling Rs 72.8 crore in FY24, up from Rs 35 crore in FY23.
Tractor Junction was able to reduce its losses by 51%, dropping to Rs 3.6 crore in FY24 from Rs 7.5 crore in FY23. Its ROCE and EBITDA margins were -7.68% and -16.42%, respectively. On a per-unit basis, Tractor Junction spent Rs 1.17 to generate a rupee in FY24.
The tractor marketplace has secured nearly $6 million in funding from investors such as Info Edge, Omnivore, Rockstart, and Indigram Labs, and is currently valued at $19.34 million.
