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CarTrade revenue and profit slip in Q1 FY25; shuts down used car retail biz

EntrackrEntrackr · 1y ago
CarTrade revenue and profit slip in Q1 FY25; shuts down used car retail biz
Medial

Automobile classifieds portal CarTrade Tech’s revenue from operations slipped 2.8% quarter on quarter in the opening quarter of FY25. At the same time, its profit took a hit of 8% due to rising employee costs. CarTrade Tech’s operating revenue decreased to Rs 141 crore in Q1 FY25, from Rs 145 crore in Q4 FY24, according to its disclosure with NSE. The Mumbai-based company operates in three segments: Consumer, Remarketing, and Classifieds. The income from these segments stood at Rs 50 crore, Rs 44 crore, and Rs 47 crore, respectively, during Q1 FY25. The firm collected Rs 15 crore from other income, which remained flat QoQ, bringing its total income to Rs 156 crore in Q1 FY25. CarTrade’s burn on employees accounted for 54% of the overall expense. This cost grew 6% to Rs 71 crore in Q1 FY25 from Rs 67 crore in Q4 FY24. Other expenses, including legal and advertising, took the firm’s overall costs to Rs 132 crore in the said quarter. The slight decline in revenue impacted its profit, reducing it by 8% to Rs 23 crore in Q1 FY25. Note: CarTrade acquired 100% of OLX India’s business for Rs 535 crore in August last year. Post acquisition, the company made a strategic decision to close its C2B operations, specifically in the used car retail segment. Meanwhile, the company emphasized that it will continue to focus and grow its classified business —Olx.in — which includes both auto and non-auto verticals, according to the filing with NSE. CarTrade was trading at Rs 861 and its total market capitalization stood at Rs 4,063 crore or $490 million (as of July 30 12 PM).

Exclusive: BharatAgri shuts down operations amid funding crunch

EntrackrEntrackr · 6d ago
Exclusive: BharatAgri shuts down operations amid funding crunch
Medial

**Exclusive: BharatAgri shuts down operations amid funding crunch** Agritech startup BharatAgri has shut down operations after failing to secure new funding and sustain its business amid mounting losses, Entrackr has learned from multiple sources. “Most of the team was let go, and operations have been winding down over the past few weeks,” said one of the sources requesting anonymity. “The company had been struggling to raise new capital for several months, and the management had no option but to gradually scale down operations.” Founded in 2017 by Siddharth Dialani and Sai Gole, BharatAgri offered AI-led farm advisory and agri-input e-commerce services to small and mid-sized farmers across India. Despite early traction and over a million registered users, the company struggled to achieve operating profitability. According to the company’s FY24 filings with the Registrar of Companies, BharatAgri’s operating revenue stood at Rs 5.37 crore, a marginal decline from Rs 5.65 crore in FY23. Losses, however, widened to Rs 22.04 crore in FY24 from Rs 17.89 crore a year earlier. Its total expenses rose to nearly Rs 27 crore, largely steered by employee costs and marketing spends. BharatAgri had raised around $6.5 million in September 2021 and another $6 million in extended Series A funding in October 2023 from Arkam Ventures, with participation from existing investors India Quotient and Omnivore. However, the company was unable to close its next round amid a slowdown in agri-focused investments. According to sources, the firm couldn’t grow much despite early traction. “BharatAgri’s growth slowed down over the past year. High customer acquisition costs and low repeat orders made it difficult to keep the business running,” said the second source, who also requested anonymity. The development comes at a time when India’s agritech sector is going through one of its toughest fundraising phases in recent years. As per data compiled by Entrackr, agritech funding, which peaked in 2022, has seen a sharp decline since then. Indian agritech startups raised $802 million in 2022, but funding plunged 78% to $178 million in 2023 and fell further to $96 million in the first half of 2025. BharatAgri will join the likes of Fraazo, Otipy, Deep Rooted, and ReshaMandi that shut operations even after securing substantial funding. The shutdown reflects the broader pressure on agritech startups that have struggled to demonstrate consistent margins despite growing farmer adoption. Investors have increasingly shifted focus toward downstream agri-supply chains and B2B input distribution models.

IPV-backed electric mobility startup MyPickup shuts down

EntrackrEntrackr · 2m ago
IPV-backed electric mobility startup MyPickup shuts down
Medial

IPV-backed electric mobility startup MyPickup shuts down MyPickup, a subscription-based electric mobility startup backed by Inflection Point Ventures (IPV), has shut down operations after three years in business. The company cited challenges in achieving product-market fit (PMF) and lack of access to patient capital as the main reasons for closure. Founded in February 2023 by Abhijeet Jagtap, MyPickup offered subscription-based electric auto-rickshaw services, allowing commuters to book rides on a weekly or monthly plan with zero cancellations and zero surge pricing. The model was designed to provide predictable fares and reliability for daily commuters. However, the company struggled with scale during non-peak times and underwent four pivots, which, according to Jagtap, did not deliver the customer experience envisioned. As of May 2025, MyPickup was running just 19 vehicles, completing around 4,000 rides per month, and serving fewer than 100 subscribers, albeit with a strong 80% retention rate. These metrics, however, were not compelling enough to attract institutional investors for a larger round of funding. The startup had raised a $179,000 seed round from Inflection Point Ventures in July 2024, which helped it sustain operations for a year. Ultimately, the lack of long-term capital and slower-than-expected traction forced the shutdown.

Used two-wheeler marketplace BeepKart shuts operations

EntrackrEntrackr · 2m ago
Used two-wheeler marketplace BeepKart shuts operations
Medial

BeepKart, the Bengaluru-based used two-wheeler marketplace, has shut down operations after a nearly five-year run. A statement on the startup’s website confirmed the closure, assuring support to existing customers. As per Inc42, co-founders Hemir Doshi and Abhishek Saraf are currently exploring the sale of BeepKart’s assets and tech stack, and also plan to return remaining capital to investors. The closure comes weeks after BeepKart wound down its Chennai operations and laid off staff in the city, with gradual exits also underway in Bengaluru. Despite earlier claims of shifting to an asset-light model with improved profitability and investor conversations, the company struggled to sustain its business. Last year, Entrackr had exclusively reported the mass layoffs in BeepKart. Founded in 2021, BeepKart offered a full-stack platform for buying and selling used two-wheelers, covering inspection, refurbishment, financing, and warranties. The firm last raised $5.6 million in its Series A round from its existing investors including Chiratae Ventures, Stellaris Venture Partners, and Vertex Ventures in April 2024. It had raised over $18 million throughout its journey. In FY24, BeepKart reported a 165% YoY jump in revenue to Rs 100 crore, but losses also doubled to Rs 66 crore. Its FY25 results have yet to come. BeepKart’s rival CredR shut down operations in October last year, while Cars24 also exited its Moto business, a similar vertical. Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever.

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