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Cars24 reports 10% revenue decline in FY25; losses rise marginally

EntrackrEntrackr · 12d ago
Cars24 reports 10% revenue decline in FY25; losses rise marginally
Medial

Fintrackr All Stories Cars24 reports 10% revenue decline in FY25; losses rise marginally Following a 25% year-on-year growth in FY24, used car platform Cars24 India's operating scale declined 10% in the fiscal year ended March 2025. During the same period, the firm’s net losses also increased 9% to Rs 543 crore. Cars24 India’s gross revenue fell to Rs 6,233 crore in FY25 from Rs 6,910 crore in FY24, according to the company’s consolidated financial statements filed with the Registrar of Companies (RoC). The sale of cars through the auction business and retail contributed approximately 92% of the total revenue. This income declined by 11% year-on-year to Rs 5,733 crore in FY25 from Rs 6,432 crore in FY24. Income from financial services, largely interest on loans, stood at around Rs 215 crore during the period. This income came mainly from Loans24, the lending vertical of CARS24, which provides third-party loans. The rest of the income earned through service fees, parking fees, and the sale of other services including insurance assistance and warranties. The Gurugram-based company also recorded Rs 125 crore in non-operating income in the previous fiscal from interest on bank deposits, commercial papers, debentures, and other sources. This pushed Cars24 India’s total income to Rs 6,358 crore for the year. Cars24’s holding company is registered in Singapore and controls 12 subsidiaries across India, Australia, the UAE, and Thailand. The financials of the Singapore-based holding entity may vary from those reported by the Indian entity in filings with the Registrar of Companies (RoC). For the pre-owned vehicle seller, procurement of cars remained the largest cost centre and accounted for 81% of the total expenses. In line with lower scale, this cost declined 9% to Rs 5,555 crore in FY25. Employee benefits expenses rose 15% to Rs 604 crore in the previous fiscal and included Rs 36.5 crore towards ESOP costs. Meanwhile, spending on marketing and advertising declined 25% to Rs 106 crore. Its technology, legal, broker commissions, impairment loss on financial assets, and other overheads took the company’s total expenditure to Rs 6,898 crore in the last fiscal year, down from Rs 7,488 crore in FY24. The 10% decline in Cars24 India’s operations led to wider losses, which rose 9% year-on-year to Rs 543 crore in FY25 from Rs 498 crore in FY24. Its ROCE and EBITDA margin worsened to -21.13% and -6.77% respectively. On a unit level, the company spent Rs 1.11 to earn one rupee of operating revenue in FY25. As of March 2025, Cars24 India reported current assets of Rs 1,988 crore, which includes Rs 155 crore in cash and bank balance. The SoftBank-backed company claimed an 18% year-on-year increase in adjusted net revenue to Rs 651 crore in the first half of FY26, while its adjusted EBITDA loss declined 36% YoY to Rs 162 crore. Cars24 recently acquired vehicle information and management platform CarInfo. This is the second acquisition within a year, following its takeover of automotive community platform Team-BHP. Cars24 has not raised external funding in the last three years. In December 2021, the company raised $450 million at a valuation of $3.3 billion. Its major investors include Alpha Wave, SoftBank, Tencent, and DST Global.

CARS24 acquires Vehicle Info

EntrackrEntrackr · 3h ago
CARS24 acquires Vehicle Info
Medial

CARS24 acquires Vehicle Info Used car platform CARS24 has acquired Vehicle Info, an automotive utility application, as the company aims to build a full-stack vehicle ownership platform. The Gurugram-based company had recently acquired vehicle information and management platform CarInfo. This marks its third acquisition within a year, following the takeover of automotive community platform Team-BHP. Founded in 2017 by Chirag Pipaliya, Vehicle Info provides a B2C and B2B platform offering RTO vehicle information, challan payments, insurance, service history, resale value checks, and license exam preparation tools. With this acquisition, CARS24 plans to integrate Vehicle Info’s capabilities as it expands beyond vehicle transactions to cover the broader lifecycle of vehicle ownership. Vehicle Info will continue to operate as a standalone app with its existing team while collaborating with CARS24. Founded in 2015 by Vikram Chopra, CARS24 offers services such as buying, selling, loans, insurance, and servicing, and also provides vehicle lending through CARS24 Financial Services. After posting a 25% year-on-year growth in FY24, CARS24 India’s operating scale declined by 10% in the fiscal year ended March 2025. Its net losses also increased by 9% to Rs 543 crore, while gross revenue fell to Rs 6,233 crore in FY25 from Rs 6,910 crore in FY24.

Capillary Technology posts Rs 184 Cr revenue in Q3 FY26; profit falls 20%

EntrackrEntrackr · 1m ago
Capillary Technology posts Rs 184 Cr revenue in Q3 FY26; profit falls 20%
Medial

SaaS firm Capillary Technologies has announced its financial results for Q3 FY26 after debuting on Indian stock exchanges last quarter. The firm’s revenue increased by 16% during the third quarter, while its profit fell to single digit in the quarter. The company’s revenue from operations increased to Rs 184 crore in Q3 FY26 from Rs 159 crore in the same quarter last year, according to its financial statement sourced from NSE. Founded in 2008, Capillary provides cloud-native loyalty, CRM, and customer engagement solutions to over 390 brands across 46 countries. Other income contributed an additional Rs 4 crore, which drove its total income of Rs 188 crore for the quarter. For the nine-month period ending December 2025, the firm’s revenue increased 22% to Rs 543 crore from Rs 446 crore a year earlier. The company’s employee benefit expense accounted for half of the total cost. This expense rose 22% to Rs 90 crore in Q3 FY26 from Rs 74 crore in Q3 FY25. Its software and server charges stood at Rs 33 crore for the quarter. Overall, the company’s total expense rose 19% to Rs 179.5 crore in Q3 FY26 from Rs 150.5 crore in Q3 FY25. Capillary Technologies’ profit decreased by 20% to Rs 8 crore in Q3 FY26 from Rs 10 crore in Q3 FY25. On a sequential basis, the company’s profit spiked from Rs 30 lakh in Q2 FY26. Capillary Technologies made a muted debut on the bourses, listing at Rs 560 per share on the BSE, a 3% discount to its issue price of Rs 577. On the NSE, the stock opened slightly higher at Rs 571.9. At the end of today’s trading session, Capillary Technologies’ share price stood at Rs 612, giving the firm a total market capitalization of Rs 4,857 crore ($535 million).

Cars24 India used car CEO Himanshu Ratnoo resigns weeks after leading branding push

EntrackrEntrackr · 2d ago
Cars24 India used car CEO Himanshu Ratnoo resigns weeks after leading branding push
Medial

Himanshu Ratnoo, CEO of Cars24’s used-car business in India, is set to step down after nearly six years with the company. Following his exit, Cars24 co-founder and Group CEO Vikram Chopra will directly oversee the India used cars leadership team for the foreseeable future. The development was communicated internally through emails exchanged between Ratnoo and Chopra on Sunday, which were reviewed by Entrackr. While the company has cleared that the move is not linked to any internal differences, the timing of Ratnoo’s exit has raised questions within the ecosystem. His departure appears particularly abrupt given his growing visibility in the company’s public communication. Ratnoo was the face of Cars24’s recent television branding campaign during the T20 World Cup, which marked the firm’s return to large-scale advertising after a hiatus of nearly five years. Ratnoo joined Cars24 in August 2020 during a period of global uncertainty and later took over as CEO of the India used cars vertical in December 2024. He played a role in building and scaling several initiatives within the business, including Touch & Buy, the franchise model, and CarTruth. In an email to employees, Ratnoo described the decision to step down as difficult. “I have spent six years at this wonderful place, leading this group of talented colleagues has been the greatest privilege of my professional life,” he wrote. Responding to the note, Chopra told employees that the India used cars leadership team will work directly with him for the foreseeable future. He added that the company has navigated the volatility of the past few years and is now entering a new phase of institutional growth. Founded in 2015, Cars24 operates a digital marketplace for buying and selling used vehicles and has expanded its presence across several international markets, including Australia, the UAE, and the US. During the fiscal year ended March 2025, the company’s operating scale declined 10% year-on-year to Rs 6,233 crore, while it reported a loss of Rs 543 crore. In the first half of FY26, it claimed adjusted net revenue stood at Rs 651 crore, and the company expects this figure to cross Rs 750 crore in the second half of the fiscal year. Its competitor Spinny reported 25% year-on-year growth in revenue during FY25, which stood at Rs 4,657 crore. The Niraj Singh-led firm also cut losses by 28% to Rs 423 crore.

MapMyIndia posts Rs 114 Cr revenue in Q2 FY26, profit falls 38%

EntrackrEntrackr · 4m ago
MapMyIndia posts Rs 114 Cr revenue in Q2 FY26, profit falls 38%
Medial

CE Info Systems, the parent company of MapMyIndia, has announced its financial results for the second quarter of FY26. The company reported a year-on-year revenue growth of 10% compared to Q2 FY25. MapMyIndia’s revenue from operations increased to Rs 114 crore in Q2 FY26 from Rs 104 crore in Q2 FY25, according to its consolidated quarterly report sourced from the National Stock Exchange (NSE). On a half-yearly basis, MapMyIndia’s operating revenue increased 15% to Rs 235 crore in Q2 FY26 from Rs 205 crore in Q4 FY25. Income from digital map data, GPS navigation, location-based services, and IoT was the primary source of revenue for MapMyIndia, accounting for 88% of the total collection. This revenue source increased by 16% to Rs 100 crore in Q2 FY26. However, income from the sale of its devices generated Rs 14 crore in the quarter ending September 2025. The cost of IoT devices, employee benefits, and outsourced technical services were the major cost elements. Notably, the cost of technical service outsourcing spiked more than 3X to Rs 32.6 crore in Q2 FY26 from Rs 10 crore in Q2 FY25. Overall, total cost of the firm rose to Rs 94 crore in Q2 FY26 from Rs 72.5 crore in Q2 FY25. With expense outpacing revenue growth, MapMyIndia’s profit fell 38% to Rs 18.5 crore during Q2 FY26, compared to Rs 30 crore in the first quarter of the previous fiscal year. For the six months ending September 2025, the company’s profit remained stable at Rs 64 crore in H1 FY26 as compared to Rs 66 crore in H1 FY25. At the end of the day, MapMyIndia closed at Rs 1,818 per share, with a market capitalization of Rs 9,948 crore ($1.1 billion).

Homelane records Rs 748 revenue in FY25 but falls short of projections

EntrackrEntrackr · 4m ago
Homelane records Rs 748 revenue in FY25 but falls short of projections
Medial

Home interior design firm HomeLane acquired DesignCafe last year in a share-swap deal. The merged entity was projected to achieve a topline of around Rs 1,000 crore and turn EBITDA profitable in FY25. However, the projections fell short, as the Peak XV-backed company closed the fiscal with Rs 747.8 crore in revenue and a loss of Rs 111 crore. HomeLane’s revenue from operations grew by 22% year-on-year to Rs 747.8 crore in FY25 from Rs 613.6 crore in FY24, its consolidated financial statement filed with the Registrar of Companies (RoC) shows. HomeLane offers end-to-end home interior solutions, combining design, contract manufacturing, and installation. These services remained the company’s only source of revenue during the last fiscal year. The firm also made an additional Rs 7.86 crore from interest on deposits which took its total revenue to Rs 755.65 crore in the last fiscal year. On the expenditure side, the cost of materials continued to be the largest cost category, accounting for 37% of total expenses at Rs 320 crore in FY25. This cost increased by 11% year-on-year from the previous fiscal year. Employee benefit expenses rose 28% to Rs 239 crore, while advertising and marketing costs remained flat at Rs 84 crore. Expenditure on installation and allied costs, contract manufacturing charges, legal and professional fees, travel expenses, and other overheads drove the company’s total expenses to Rs 867 crore in FY25. Tighter control over advertising, marketing, and material costs helped the company cut its losses by over 8% YoY to Rs 111.38 crore in FY25. On a unit basis, HomeLane spent Rs 1.16 to earn a rupee in FY25. Its EBITDA margin improved to Rs -11% while EBITDA (loss) stood at Rs 82.6 crore. As of March 2025, the firm has a total current assets of Rs 240.92 crore with cash and bank balances of Rs 82.65 crore. According to startup data intelligence platform TheKredible, HomeLane has raised a total of $166.45 million to date, which includes a $27 million round secured from existing investors of both HomeLane and DesignCafe, along with new participation from Hero Enterprise.

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