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Cars24 saw its topline grow at lower pace

Economic Times

Economic Times · 2y ago

Cars24 saw its topline grow at lower pace

Indian unicorn Cars24 experienced slower growth in operating revenue in FY23 compared to the previous fiscal year. The company's revenue from operations grew 7.7% year-on-year to INR 5,535 crore, while its net loss for FY23 increased to INR 467.7 crore. Cars24 focused on cost rationalization, reducing cash burn rate, and curtailed its expansion plans during the year. The company aims to build sustainably and improve its margins through value-added services and reducing operational expenses.

Related News

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

Economic Times

Economic Times · 1y 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.

Cars24’s FY23 sales inches closer to Rs. 8,000 Crore mark

Inc42 · 1y ago

Cars24’s FY23 sales inches closer to Rs. 8,000 Crore mark

Used car marketplace Cars24 saw its sales approach the $1 billion mark in the financial year ended March 31, 2023. The unicorn's operating revenue increased by 16% to $930.3 million from $799 million in the previous fiscal year. However, it managed to narrow its net loss by 32% to $168.3 million. Cars24 primarily generates revenue by selling cars and also offers car-related services. Its total expenditure remained flat at around $1 billion, with procurement costs accounting for 74% of the expenditure. The startup recently ventured into the car financing space with Cars24 Financial Services.

Bottomline: Cars24's lending arm turns a corner but faces rising bad loans

VCCircle

VCCircle · 1y ago

Bottomline: Cars24's lending arm turns a corner but faces rising bad loans

Cars24 Financial Services Pvt. Ltd, the NBFC owned by Cars24, experienced improved financial performance with increased revenue and profit. However, the company also saw a rise in bad loans. The growth in interest income and a significant increase in its asset book contributed to the positive results.

Cars24's lending arm turns a corner but faces rising bad loans

VCCircle

VCCircle · 1y ago

Cars24's lending arm turns a corner but faces rising bad loans

Cars24 Financial Services, the NBFC owned by used-car marketplace Cars24, has shown positive performance by increasing its revenue and asset book, and turning a profit. However, it also experienced a rise in bad loans. The company saw significant growth in interest income from loans, but bad loans also increased simultaneously.

Cement counters poised for strong profit growth; buying opportunities in consumer finance: Deven Choksey

Economic Times

Economic Times · 5m ago

Cement counters poised for strong profit growth; buying opportunities in consumer finance: Deven Choksey

Cement companies like UltraTech, ACC, and Ambuja are expected to see strong profit growth due to volume increases, better capacity utilization, and lower fuel costs. Consumer finance companies, particularly those with larger Asset Under Management, may grow by 15% over the next few years, with Bajaj Finance leading the pace. Valuations in this sector are appealing, providing market entry opportunities, according to investment expert Deven Choksey.

Gaming, e-sports to grow much bigger in 10 years: Nikhil Kamath

Money Control

Money Control · 2y ago

Gaming, e-sports to grow much bigger in 10 years: Nikhil Kamath

Zerodha Co-founder Nikhil Kamath said the gaming and e-sports industry will grow much bigger in the next 10 years. "[It] will grow at a pace faster than the old-school content," Kamath stated. His remarks come as gaming company Nazara Technologies announced it'd issue shares worth ₹100 crore to Zerodha's founders Nikhil and Nithin Kamath.

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

Economic Times

Economic Times · 1y 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.

CARS24 onboards Upstox’s Sami Alam as Senior Director, Engineering

Startup News FYI

Startup News FYI · 2y ago

CARS24 onboards Upstox’s Sami Alam as Senior Director, Engineering

Gurgaon-based auto tech firm CARS24 has appointed Sami Alam as its Senior Director of Engineering. With over two decades of experience in various domains, Alam has previously worked at companies like Upstox, Flipkart, and Microsoft. At CARS24, he will lead the engineering team and drive innovation to enhance the company's technological capabilities. CARS24 aims to become the world's largest autotech company and has expanded its presence in multiple countries. The online car buying market in India is witnessing significant growth, with a projected value of $722.79 billion by 2030.

Budget 2025: Govt cuts income tax in a bid to boost consumption

VCCircle

VCCircle · 11m ago

Budget 2025: Govt cuts income tax in a bid to boost consumption

In Budget 2025, India reduced personal income tax rates for certain individuals to encourage consumption, as the economy is set to grow at its slowest pace in four years. Under a new system introduced in 2020, income up to 1.5 million rupees was taxed between 5% and 20%, while above that was taxed at 30%. Now, annual income up to 1.2 million rupees will not be taxed, aiming to stimulate economic activity.

CARS24 elevates Himanshu Ratnoo as CEO of used cars India

Entrackr

Entrackr · 1y ago

CARS24 elevates Himanshu Ratnoo as CEO of used cars India

Cars24, an e-commerce platform for pre-owned vehicles, has elevated Himanshu Ratnoo to the position of Chief Executive Officer (CEO) of Used Cars India. The announcement was made by Vikram Chopra, founder and CEO of CARS24, in an internal email to the organization. In his new role, Ratnoo will oversee the company’s C2B and retail operations, focusing on scaling growth and driving innovation. Ratnoo’s initiatives include the development of franchise models, lead monetization strategies, and a revamped approach to luxury car transactions. CARS24 offers services like buying, selling, loans, insurance, driver on demand, FASTag, challans, scrapping, and more, making it the only super app in this segment. Apart from this, through CARS24 Financial Services, the company offers various vehicle lending products to customers. Following a modest growth in FY23, Cars24 registered 25% year-on-year growth to Rs 6,917 crore in the fiscal year ending 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 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.

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