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Off the road, there's a Rs 52,000-crore pileup while car sales hit the brakes

Economic Times

Economic Times · 1m ago

Off the road, there's a Rs 52,000-crore pileup while car sales hit the brakes

Car dealerships in India face an unprecedented high in unsold vehicle inventory, valued at Rs 51,000-52,000 crore, due to continued manufacturer push despite low retail demand. The inventory has remained stagnant for over 50 days, exceeding the standard 21 days. Hyundai and Maruti claim healthy inventory levels, while certain models face waitlists. Analysts foresee potential demand improvement only in the latter half of FY25, with recent interest rate cuts possibly aiding in demand recovery.

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Spinny cuts FY24 net loss to Rs 590 crore; revenue up 14% on year to Rs 3,275 crore

Economic Times

Economic Times · 9m ago

Spinny cuts FY24 net loss to Rs 590 crore; revenue up 14% on year to Rs 3,275 crore

Gurugram-based used car sales startup Spinny managed to significantly narrow its net loss during FY24 to Rs 590 crore from Rs 820 crore in the previous year. The company reported a 14% year-on-year increase in operating revenue to Rs 3,275 crore for FY24. Spinny achieved this by implementing rationalization measures and increasing tech-product intervention. The company plans to further grow its topline by 25-30% in FY25 and expand its ancillary services such as car financing and servicing. Spinny competes with Cars24, CarDekho, and CarTrade in the used car sales industry.

Spinny’s gross revenue balloons to Rs 3,260 Cr in FY23

Entrackr

Entrackr · 1y ago

Spinny’s gross revenue balloons to Rs 3,260 Cr in FY23

Spinny, a used car retailer, saw its gross revenue (GMV) soar to Rs 3,262 crore in FY23 from Rs 109 crore in FY22, thanks to its full-stack platform and cash-and-carry model. Car sales represented 95% of total gross operating revenue in FY23, while services, commissions, and financial services contributed to the remaining income. However, Spinny's losses increased by 67.3% to Rs 820 crore in FY23, despite its rapid revenue growth and expansion. The company became a unicorn in December 2021 and has been strategically positioned in the market through strong communication and the right timing of fund raises.

Cars24 drives into new-car sales arena with OEM, dealer aggregator model

Economic Times

Economic Times · 4m ago

Cars24 drives into new-car sales arena with OEM, dealer aggregator model

Cars24, renowned for used-car sales, has ventured into new car sales with a platform aggregating dealers and manufacturers like Maruti Suzuki and Honda. The move aims to tap existing platform users exploring new purchases. While the new platform spotlights aggregated sellers, an inventory model isn’t off table for the future. Cars24 continues diversifying beyond core sales, introducing services like repairs and financing, amidst a rise in revenue but a widened net loss.

Mitsubishi to acquire 30% of TVS Mobility, venture into Indian car sales market

Livemint

Livemint · 1y ago

Mitsubishi to acquire 30% of TVS Mobility, venture into Indian car sales market

Mitsubishi Corporation is reportedly set to enter the Indian car sales market by acquiring over 30% stake in car dealership TVS Mobility. The strategic partnership will see TVS Mobility spin off its car sales business, with Mitsubishi investing between $33-66 million. The new entity plans to establish exclusive stores for each car brand and expand sales of Japanese cars, including electric vehicles. Mitsubishi also aims to introduce innovative services such as scheduling maintenance appointments through a smartphone app.

CARS24 launches credit platform to simplify loans for car buyers, owners

YourStory

YourStory · 5m ago

CARS24 launches credit platform to simplify loans for car buyers, owners

CARS24's lending arm, CARS24 Financial Services, launched LOANS24, a digital credit platform for vehicle financing, offering fully digital, valuation-free loans for quick disbursals. Available for all car purchases, LOANS24 provides financing up to 100% of the on-road price, with used car loans starting at 10.99% interest. The platform targets both Tier I and II cities, noting increased participation from women. Previously, CFSPL facilitated over Rs 15,000 crore in working capital loans to dealers.

Spotlight: How KKR is speeding its way to the top of Indian highway rankings

VCCircle

VCCircle · 1y ago

Spotlight: How KKR is speeding its way to the top of Indian highway rankings

In January, infrastructure investment trust (InvIT) formed by private equity firm KKR, Highways Infrastructure Trust (HIT), announced the acquisition of 12 road projects in India from PNC Infratech. The deal is valued at over Rs 9,000 crore and highlights KKR's efforts to gain prominence in the Indian highway sector. This acquisition allows KKR to expand and strengthen its presence in India's infrastructure development.

Cars24 nears Rs 7,000 crore topline in FY24; net loss expands

Economic Times

Economic Times · 8m ago

Cars24 nears Rs 7,000 crore topline in FY24; net loss expands

Used car sales platform, Cars24, experienced a 25% growth in operating revenue during fiscal year 2024, reaching Rs 6,917 crore. The increase was driven by higher unit sales and average selling prices. However, the company also saw an expansion in its net losses, which reached Rs 498 crore compared to Rs 468 crore the previous year. Cars24 attributes its revenue growth to investments in technology and data science and plans to focus on ancillary businesses to boost margins in the future.

Going beyond the old 'Kitna deti hai?' - The Economic Times

Economic Times

Economic Times · 1m ago

Going beyond the old 'Kitna deti hai?' - The Economic Times

India's automotive sector is increasingly prioritizing safety, with a rising demand for high Bharat NCAP-rated vehicles and advanced safety features. Despite a vast road network, poor infrastructure, and human behavior contribute to high accident rates. However, a shift is evident as safety becomes a significant factor for consumers, influencing car sales. By 2030, India’s auto industry could grow substantially, driven by enhanced safety standards and the goal of halving road fatalities through technological advancements and regulations.

Post-listing, SoftBank’s holdings in Ola Electric, FirstCry, Unicommerce worth an eye-popping $2 billion

Economic Times

Economic Times · 11m ago

Post-listing, SoftBank’s holdings in Ola Electric, FirstCry, Unicommerce worth an eye-popping $2 billion

SoftBank's stakes in Ola Electric, FirstCry, and Unicommerce have soared in value to nearly $2 billion, thanks to their post-listing gains. SoftBank has already realized around $400 million in secondary stake sales. The firm's investments in FirstCry and Ola Electric have paid off, with FirstCry's market capitalization exceeding Rs 35,000 crore, and Ola Electric's shares surging 71% since its listing. SoftBank's stake in FirstCry is now valued at over Rs 7,000 crore, while its stake in Ola Electric is worth more than Rs 8,500 crore. The investor has fully exited its holdings in Paytm, Zomato, Policybazaar, and Delhivery.

BattRE crosses Rs 100 Cr revenue mark in FY24, remains profitable

Entrackr

Entrackr · 4m ago

BattRE crosses Rs 100 Cr revenue mark in FY24, remains profitable

Electric two-wheeler manufacturer BattRE is back on a growth trajectory, reporting an 18% increase in FY24, compared to a 6% decline in FY23. However, its profit remained unchanged during the last fiscal year. BattRE’s revenue from operations increased to Rs 102.5 crore in FY24 from Rs 87 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). BattRE is an Indian electric scooter company which manufactures city, off-road, and hybrid scooters. Sales of these scooters accounted for 98.5% of the total operating revenue which spiked 18.82% to Rs 101 crore in FY24 from Rs 85 crore in FY23. Meanwhile, income from services declined by 25% to Rs 1.5 crore during the same period. On the expense side, the cost of materials remained the largest expenditure, increasing 10% to Rs 76 crore. Employee benefit expenses saw a 25% jump to Rs 5 crore, while discount-related costs soared 5X to Rs 5 crore. Transportation expenses remained steady at Rs 4 crore, and other operational expenses added another Rs 12 crore. Ultimately, BattRE’s total costs rose 17% to Rs 102 crore in the last fiscal. Despite a substantial spike in expenses, BattRE’s profit remained unchanged at Rs 50 lakhs in FY24. Its ROCE and EBITDA margin stood at 478% and 66%, respectively. On a unit basis, the company spent Re 1 to earn a rupee in FY24, similar to the previous fiscal year. As of March 2024, the Jaipur-based firm reported current assets worth Rs 32 crore including Rs 1 crore of cash and bank balance. According to startup data intelligence platform TheKredible, BattRE has raised a total of $466K of funding till date, having Gajendra Chandel as its lead investor, who owns 5.24% of the company. The company’s founder Nishchal Choudhary owns 32.84% of the company.

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