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Cars24 sells 2 lakh cars in FY24, revenue nears Rs 7,000 Cr

EntrackrEntrackr · 8m ago
Cars24 sells 2 lakh cars in FY24, revenue nears Rs 7,000 Cr
Medial

Following a modest growth in FY23, Cars24, an e-commerce platform for pre-owned vehicles registered 25% year-on-year growth in the fiscal year ended March 2024. However, the firm’s net losses stood at Rs 498.4 crore with an adjusted EBITDA of Rs 318.8 crore in FY24. Cars24 India’s gross revenue grew to Rs 6,917 crore in FY24 from Rs 5,530 crore in FY23, according to the company’s press release. In an interaction with Entrackr, Cars24's Chief Financial Officer Ruchit Agarwal said that the sale of cars through the auction business and retail contributed approximately 92% of the total revenue. This income grew by 24% to Rs 6,400 crore in FY24 from Rs 5,164 crore in FY23. Agarwal added that the income from the financial services stood at around Rs 300 crore while the rest of the revenue came from service fees, parking fees and the sale of other value-added services including insurance assistance and warranties. In FY24, the company claims to have sold 200,000 cars. Cars24’s holding firm is based in Singapore and oversees 12 subsidiaries across India, Australia, the UAE, and Thailand. The company’s consolidated financial results are yet to be released and may differ from the figures reported by the Indian entity through the release. For the pre-owned vehicle seller, the procurement of cars was the largest cost center, accounting for 81.8% of the overall cost. In the line of scale, this cost grew by 23.8% to Rs 6,106 crore in FY24. Its employee benefits, technology, advertising, legal, commission to brokers, and other overheads pushed the overall expenditure of the firm to Rs 7,461 crore in the last fiscal year from Rs 6,053 crore in FY23. The significant growth in scale and controlled expenditure enabled Cars24 to retain its net losses steady at Rs 498 crore in FY24. However, the adjusted EBITDA (losses excluding all non-cash items) stood at Rs 318.8 crore in FY24. Notably, the company claims to have improved its gross margin by 35% in the last fiscal. 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. In August, Cars24’s co-founder, Gajendra Jangid, said that the company is preparing for an initial public offering, though he did not disclose a specific timeline.

Just Dogs nears Rs 100 Cr revenue in FY24, losses balloon

EntrackrEntrackr · 3m ago
Just Dogs nears Rs 100 Cr revenue in FY24, losses balloon
Medial

Just Dogs, a retail and services brand specializing in pet care, reported a 30% year-on-year increase in revenue for the fiscal year ending March 2024. However, the Ahmedabad-based company also saw a significant rise in losses during the same period as it pushed for growth. Just Dogs’ revenue from operations increased by 32% to Rs 94 crore in FY24 from Rs 71 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Founded in 2011, Just Dogs offers dog food, supplements, accessories, and other pet products through its platform. The startup is developing a full-stack online experience for pet parents, along with expanding its network of offline stores. Just Dogs generates its revenue from a mix of product and service categories. Revenue from pet food remained its dominant stream, accounting for over 70% of the topline and rising 47% to Rs 66 crore in FY24. Income from pet treats and grooming products grew to Rs 10 crore and Rs 2 crore, respectively. However, revenue from services declined to Rs 16 crore from Rs 17.5 crore in FY23. On the cost front, the company’s largest expense — material costs — rose 37% to Rs 67 crore, making up nearly two-thirds of the total expenses. Employee benefit expenses surged by 62.5% to Rs 13 crore, while marketing and rent each doubled to Rs 6 crore and Rs 10 crore, respectively. Other operational overheads amounted to Rs 10 crore in FY24. Overall, the company’s expenses outpaced its revenue growth, rising 47% to Rs 106 crore in FY24 from Rs 72 crore in FY23. Despite the topline growth, the company slipped deeper into the red with losses ballooning to Rs 11 crore in FY24 — a sharp surge from a marginal loss of Rs 6 lakh in FY23. Its ROCE and EBITDA margin stood at -25.12% and -10.21% respectively. At the unit level, Just Dogs spent Rs 1.13 to earn a rupee of operating revenue in FY24, compared to Rs 1.01 in FY23. The Ahmedabad-based startup recorded current assets worth Rs 43 crore in FY24, which includes Rs 8 crore in cash and bank balances. Just Dogs has raised a total of $7 million in funding to date, having Sixth Sense Ventures as its lead investor, which holds a 23% stake in the company. Meanwhile, Co-founders Ashish Anthony and Poorvi Anthony jointly hold a 77% stake in the company, leaving ample room for future fundraising opportunities. It competes with Peak XV-backed Heads Up for Tails, Supertails, which raised $15 million in a round led by RPSG Capital — Wiggles, and several other players in the pet care space.

Cars24 lays off 200 Employees

EntrackrEntrackr · 3m ago
Cars24 lays off 200 Employees
Medial

Cars24, the e-commerce platform for pre-owned vehicles, has laid off over 200 employees as part of a cost-cutting measure, according to three sources familiar with the development. According to sources, the SoftBank–backed company provided affected employees with standard severance packages. In a statement to Entrackr, Vikram Chopra, co-founder and CEO of Cars24, said, "This is a tough decision. Over the past few weeks, we've had to part ways with around 200 employees across various functions. We are deeply grateful for their contributions. The layoffs are not about performance, but about structure and the bets we placed. We've learned that speed without clarity is expensive, and some projects and roles were added prematurely. Moving forward, we need to be more strategic and deliberate with our investments and team-building." Despite not raising any external funding in the last three and a half years, Cars24 secured $450 million in December 2021 from investors including SoftBank, Tencent, DST Global, and Falcon Edge’s Alpha Wave. This funding round valued the company at $3.3 billion. In FY24, Cars24 reported a 25% year-on-year increase in revenue, from Rs 5,530 crore in FY23 to Rs 6,917 crore. Despite this, the company posted a net loss of Rs 498 crore and an adjusted EBITDA loss of Rs 318 crore for the same period.

DCGpac hits profitability as revenue nears Rs 100 Cr in FY24

EntrackrEntrackr · 9m ago
DCGpac hits profitability as revenue nears Rs 100 Cr in FY24
Medial

B2B packaging solutions platform DCGpac has been expanding steadily, reaching nearly Rs 100 crore in revenue for the fiscal year ending March 2024. Moreover, the Gurugram-based company, which raised only Rs 20 crore, achieved profitability during this period. DCGpac’s revenue from operations grew by 21.4%, reaching Rs 96.5 crore in FY24, up from Rs 79.5 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. DCGpac is a packaging materials supplier offering a range of products and services, including corrugated boxes, courier bags, bubble films, designer boxes, and “Design to Distribution” solutions. Sales of packaging materials represent the sole source of revenue for DCGpac. According to the company’s website, it serves over 50,000 customers, including Blinkit, Shiprocket, Delhivery, Myntra, DHL, Shadowfax, and others. As with other packaging solutions platforms, the cost of materials accounted for 83.17% of DCGpac’s total expenditure, rising by 19% to Rs 80.4 crore in FY24. Employee benefits expenses stood at Rs 8 crore for the last fiscal year. Additional costs, including advertising, warehousing, packing, information technology, printing, and other operating overheads, brought total expenditure up by 17.9% to Rs 96.7 crore in FY24, compared to Rs 82 crore in FY23. Steady growth and careful cost management helped DCGpac achieve profitability in FY24, posting net profits of Rs 19 lakh compared to a loss of Rs 1.67 crore in FY23. DCGpac’s ROCE and EBITDA margin stood at 3.34% and 1.19%, respectively. On a unit level, the company spent Re 1 to earn a rupee of operating revenue in FY24. FY23-FY24 FY23 FY24 EBITDA Margin -1.98% 1.19% Expense/₹ of Op Revenue ₹1.03 ₹1 ROCE -15.66% 3.34% DCGpac has raised a total of Rs 20 crore to date, including a pre-Series Seed round of $1.5 million led by Venture Catalysts, 9Unicorns, and Inflection Point Ventures in April 2022.

Paytm revenue grows 25% and nears Rs 10,000 Cr in FY24

EntrackrEntrackr · 1y ago
Paytm revenue grows 25% and nears Rs 10,000 Cr in FY24
Medial

One97 Communication Private Limited, the parent company of Paytm, scaled 25% year-on-year during the fiscal year ending March 2024. The Noida-based firm, however, managed to maintain EBITDA profitability before ESOP throughout the last fiscal year (FY24). Paytm’s revenue from operations grew 25% to Rs 9,978 crore in FY24 from Rs 7,990 crore in FY23, its annual financial statements disclosed through the National Stock Exchange show. Income from payment services accounted for 62.48% of the total operating revenue, which grew 25% to Rs 6,235 crore in FY24. Meanwhile, income from financial services grew by 30% to Rs 2,004 crore. The remainder income came from marketing and other sources. Paytm also made Rs 547 crore from non-operating activities mainly from interest and gain on financial assets, tallying the total income to Rs 10,525 crore in the last fiscal year (FY24). To the tune of other technology firms, its employee benefits accounted for 39.4% of the overall expenditure. This cost surged 21.5% to Rs 4,589 crore in FY24 from Rs 3,778 crore in FY23. This includes Rs 1,466 crore as share-based payment aka ESOPs cost. Its payment processing charges grew 10.9% to Rs 3,280 crore in FY2. Paytm’s software/tech, marketing cum promotional, legal, and other overheads drove its total expenditure up by 15% to Rs 11,645 crore in FY24 from Rs 10,130 crore in FY23. Note: Paytm has booked Rs 1,465 crore of ESOPs and wrote off Rs 227 crore worth of investments which was made to its associate firm Paytm Payments Bank Ltd (PPBL) after RBI’s action. The decent growth and controlled expenditure helped Paytm to reduce its net losses by 20% to Rs 1,422 crore in FY24. Meanwhile, Paytm maintained its EBITDA profitability before ESOP throughout the year which stood at Rs 559 crore in FY24.

Tata 1mg revenue nears Rs 2,400 Cr in FY25, trims losses

EntrackrEntrackr · 8d ago
Tata 1mg revenue nears Rs 2,400 Cr in FY25, trims losses
Medial

Tata 1mg, the digital healthcare platform backed by Tata Digital, continued its growth trajectory in the fiscal year ending March 2025 while straining its losses. Tata 1mg’s consolidated revenue rose 22% to Rs 2,392 crore in FY25 from Rs 1,968 crore in FY24, according to Tata Sons’ Annual Report for the fiscal year. Tata 1mg is a health tech startup for online orders of allopathic, ayurvedic, homeopathic medicines, vitamins, nutrition supplements, and other health products, delivered to the home. 1mg’s revenue was split across two entities: Tata 1mg Technologies, which clocked Rs 2,016.5 crore, and Tata 1mg Healthcare Solutions, which contributed Rs 375.5 crore in FY25. The company's total cost rose by 17% to Rs 2682 crore in FY25, up from Rs 2303 crore in FY24. The Gurugram-based company posted a consolidated loss of Rs 276 crore in FY25, 12% lower than the Rs 313 crore loss reported in FY24. On a unit basis, the company spent Rs 1.12 to earn a rupee of operating revenue in FY25. On the asset side, Tata 1mg reported total assets of Rs 2,025 crore at the end of FY25 while its total liabilities reached Rs 1,190 crore. In the e-health space, Tata 1mg competes with Reliance-backed Netmeds, PharmEasy, and Apollo 24/7. Tata Digital acquired a 55% stake in 1mg in June 2021 but has since gained around 8.5% additional stake in the e-medicine platform. According to TheKredible, Tata Digital currently holds a 63.5% stake in 1mg, which was last valued at 1.25 billion. Tata Digital reported a standalone revenue of Rs 546.9 crore and a loss of Rs 827.5 crore in FY25, indicating continued investment in its digital commerce bets including 1mg and other verticals such as BigBasket, Cult.fit, and the recently launched Tata Neu.

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