SUMMARY
- Cars24 India’s gross revenue rose 25.1% to Rs 6,917 crore in FY24.
- In FY24, Cars24 claimed to have sold 200,000 vehicles.
- Total expenses grew to Rs 7,461 crore from Rs 6,053 crore in FY23.
Ecommerce platform for pre-owned vehicles, Cars24 India’s gross revenue rose 25.1% to Rs 6,917 crore in FY24 from Rs 5,530 crore in FY23, as per the firm’s press release.
Ruchit Agarwal, Cars24’s Chief Financial Officer, shared that 92% of the total revenue came from the sale of vehicles through auctions and retail channels. This revenue saw a 24% rise to Rs 6,400 crore from Rs 5,164 crore in FY23.
Agarwal also shared that the financial services sector generated around Rs 300 crore in income, with the remainder coming from service fees, parking charges, and the sale of additional services like insurance assistance and warranties.
In FY24, Cars24 claimed to have sold 200,000 vehicles.
The Singapore-based holding company of Cars24 manages 12 subsidiaries across India, Australia, the UAE, and Thailand. The consolidated financial statements of the company have not been released, and it is expected that the figures reported by the Indian subsidiary may differ from those released by the company as a whole.
For Cars24, the cost of procuring cars was the largest expense, accounting for 81.8% of the total costs. This expense increased by 23.8% to Rs 6,106 crore in FY24.
The company’s total expenses, including employee benefits, technology, advertising, legal, commission to brokers, and other overhead costs took the total expense to Rs 7,461 crore from Rs 6,053 crore in FY23.
The pre-owned vehicle seller managed to maintain its net losses at Rs 498 crore in FY24. The adjusted EBITDA (losses excluding non-cash items) was recorded at Rs 318.8 crore for the same period. The company reported a 35% improvement in its gross margin in FY24.
Its competitor Spinny reported a revenue of Rs 3,725 crore in FY24 with a loss of Rs 590 crore. Like Spinny, Cars24 has not sought external funding in the past three years. In December 2021, the company secured $450 million funding at a valuation of $3.3 billion, with major investors including Alpha Wave, SoftBank, Tencent, and DST Global.
In August, Cars24’s co-founder, Gajendra Jangid, shared that the company is in the process of preparing for an initial public offering, although he did not disclose a specific timeline.
