🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
✕
Login
Home
News
Messages
Startup Showcase
Trackers
Premium
Premium Content
Jobs
Notifications
Settings
Try our Valuation Calculator →
Log In
News on Medial
CarTrade Posts INR 23.55 Cr Loss In Q3, Including OLX Auto Business
Inc42
·
1y ago
Medial
CarTrade Technologies, the online classifieds and auto auction platform, reported a net loss of INR 23.5 Cr in Q3 FY24, mainly due to the loss in the auto sales division of OLX business that it shut down during the quarter. However, excluding the discontinued operations, CarTrade posted a net profit of INR 21.96 Cr. Its operating revenue increased by over 42% to INR 138.6 Cr in Q3 FY24. CarTrade received an average of 70 million monthly unique visitors, with more than 90% being organic.
View Source
Related News
March Capital Offloads CarTrade Shares Worth Over INR 70 Cr In Bulk Deals
Inc42
·
1y ago
Medial
March Capital, a pre-IPO shareholder of CarTrade Technologies, offloaded around 950,000 shares of the company in bulk deals worth over INR 70 crore. Spritefield Venture International sold 632,000 shares, while MCP3 SPV sold 316,000 shares. CarTrade's shares fell 2.8% despite ICICI Prudential Mutual Fund purchasing 677,000 shares in bulk deals. In its Q3 FY24 report, CarTrade reported a net loss of INR 23.5 crore, primarily due to the closure of the OLX business division. However, the operating revenue increased by over 42% to INR 138.6 crore.
View Source
Closure of OLX Auto biz pushes CarTrade into losses in Q3 FY24
Entrackr
·
1y ago
Medial
Automobile classifieds platform CarTrade has recorded over 15% growth in scale during the quarter ending December 2023 but the company slipped into red during the third quarter or Q3 FY24. The losses, however, were due to the discontinued operations of the auto sales business (C2B consumer-to-business operations) of OLX. It shut down the C2B model on the pretext of unsustainable unit economics in October 2023. CarTrade acquired OLX India’s auto business in a deal worth Rs 537 crore in July last year. CarTrade’s revenue from operations grew 15.5% to Rs 138.6 crore in Q3 of FY24 as compared to Rs 120 crore in the previous quarter (Q2 FY24), as per its consolidated financial statements sourced from the National Stock Exchange. In comparison to the third quarter of the previous fiscal (Q3 FY23), its operating revenue spiked 42.6% YoY from Rs 97.2 crore. CarTrade generated 35.7% of its revenue from consumer segment accounting to Rs 49.42 crore while its remarketing and classifieds verticals made Rs 46 crore and Rs 43.1 crore, respectively in Q3 FY24. The company’s overall revenue (including non-operating income of Rs 13.27 crore) reached Rs 151.85 crore at the end of Q3 FY24. On the expense side, employee benefits expenses formed 54% of the overall expenses which went up 12.3% to Rs 67.56 crore during the period. This cost also includes share based expenses of Rs 4.56 crore. In total, CarTrade’s overall expenses increased 13.6% QoQ to Rs 125 crore in Q3 from Rs 110 crore during Q2 of the same fiscal year. Following the losses of Rs 45.51 crore incurred due to discontinued operations of OLX auto business, CarTrade slipped into losses of Rs 23.55 crore in Q3 against Rs 5.04 crore profit in the previous quarter. Excluding the losses due OLX, the company posted a profit of Rs 21.96 crore in Q3 which soared 4.3X compared to the previous quarter. During Q3 FY23, it booked Rs 14.04 crore in profits. On a unit level, the company spent Re 0.9 to earn a rupee in Q3 of FY24. For the nine months ended period (Apr-Dec 2024), CarTrade recorded Rs 344.7 crore revenue from operations with a loss of Rs 5 crore. CarTrade went public in May 2021 and raised around Rs 2,000 crore via an offer-for-sale. It was listed on the NSE at nearly Rs 1,600 per share in August 2021 and is currently roaming around Rs 691.5 per share with a market cap of Rs 3,240 crore or $390 million.
View Source
Warburg Pincus Exits CarTrade, Sells 8.6% Stake For INR 375 Cr
Inc42
·
10m ago
Medial
Private equity firm Warburg Pincus has sold over 40.76 lakh shares of CarTrade, exiting the company. Mirae Asset Mutual Fund acquired over 30.22 lakh shares in the transaction, totaling INR 278.02 crore. CarTrade, founded in 2009, operates various vehicle selling platforms including OLX India, CarWale, and BikeWale.
View Source
CarTrade Expands ESOP Pool With 3.04 Lakh Stock Options
Inc42
·
1y ago
Medial
Indian auto marketplace CarTrade has approved the allotment of 304,268 equity shares under its employee stock option plan (ESOP) schemes. The move has increased the company's share capital to INR 47.19 crore ($6.3 million) from INR 46.8 crore previously. The marketplace set the exercise price per share for options under the ESOP 2015 scheme at INR 472. CarTrade, founded in 2009, operates an auto marketplace that sells products across all vehicle types and value-added services. In Q3 FY24, the company reported a net loss of INR 23.5 crore, compared to a profit of INR 14.04 crore in the year-ago quarter.
View Source
CarTrade posts Rs 176 Cr revenue and Rs 45.5 Cr profits in Q3 FY25
Entrackr
·
6m ago
Medial
CarTrade posts Rs 176 Cr revenue and Rs 45.5 Cr profits in Q3 FY25 CarTrade released its financial results for the third quarter of the ongoing fiscal year (Q3 FY25) on Wednesday. The company reported a 26% year-on-year revenue growth compared to Q3 FY24, with a major turnaround in its bottom line. CarTrade’s revenue from operations surged 26.6% to Rs 176 crore in Q3 FY25 in contrast to Rs 139 crore in Q3 FY24, as per the firm’s unaudited consolidated financial results sourced from the National Stock Exchange (NSE). The Mumbai-based company operates in three segments: Consumer, Remarketing, and Classifieds. Income from the consumer segment formed 39% of the total operating revenue which increased to Rs 68 crore in Q3 FY25 from Rs 50 crore in Q3 FY25. Income from the remarketing and classified segment stood at Rs 58 crore and Rs 50 crore in the third quarter of the ongoing fiscal year. CarTrade also added Rs 17 crore from other non-operating businesses which tallied its overall revenue to Rs 193 crore in Q3 FY25, compared to Rs 152 crore in Q3 FY24. On the expense front, employee benefits expenses formed 53% of the overall spending which went up a modest 7.3% to Rs 73 crore during the period. This cost also includes share-based expenses of Rs 3.36 crore. CarTrade’s overall expenses increased 12% to Rs 140 crore in Q3 FY24 from Rs 125 crore during Q3 FY24. The strong growth and controlled spending enabled CarTrade to achieve a turnaround and post a net profit of Rs 45.5 crore in Q3 FY25, compared to a loss of Rs 23.5 crore in Q3 FY24. However, the company had already recorded a revenue of Rs 472 crore and a net profit of Rs 99 crore during the nine months of the ongoing fiscal year. CarTrade recorded a 4.78% hike in its share price today and is trading at Rs 1,433.3 (as of 12:47) with a total market capitalization of Rs 6,789 crore or $800 million.
View Source
CarTrade to buy OLX Autos' India business for ₹537 crore
Inshorts
·
2y ago
Medial
CarTrade Tech has revealed its purchase of Sobek Auto India, the entity that encompasses OLX India's automotive sales section, in a deal valued at ₹537 crore. The agreement will be conducted entirely in cash, and the acquisition is expected to conclude within a month. OLX, owned by Prosus, had previously chosen to withdraw from the OLX Autos sector in various countries, including India, in March of this year.
View Source
OLX India drives growth in pre-owned goods market: CEO Amit Kumar
Livemint
·
1y ago
Medial
Indian online auto classifieds platform CarTrade Tech acquired OLX India operations last year, leading to a significant increase in its user base. With over 70 million active users, CarTrade Tech's acquisition of OLX contributed more than 35 million unique users. OLX is expanding its focus across various categories, including real estate, jobs, cars, consumer durables, and smartphones. The pre-owned goods market in India is expected to grow rapidly, driven by factors such as increasing internet penetration and consumer awareness around the circular economy. Online marketplaces are also incorporating advanced payment and logistics solutions to enhance user experiences.
View Source
OLX India CEO Amit Kumar Resigns
Inc42
·
9m ago
Medial
CarTrade Tech Limited announced the resignation of Amit Kumar as Managing Director and CEO of Sobek Auto India Private Limited, which operates as OLX India. His resignation will take effect on January 31, 2025, as he seeks new career opportunities. CarTrade informed the BSE and NSE about the change, highlighting that Vinay Sanghi, OLX India's Chairman, and the executive team will ensure a smooth leadership transition.
View Source
CarTrade completes acquisition of 100% stake in OLX India's Sobek Auto
Startup News FYI
·
1y ago
Medial
In a significant move within India's used cars industry, CarTrade has successfully acquired a 100% stake in Sobek Auto India Private Limited, which encompasses the OLX classifieds platform and OLX Autos C2B transaction businesses. The deal, announced a month ago, marks the culmination of an extensive process involving Prosus, the owner of a 99% stake in OLX, engaging with multiple parties for the sale of its India operations.
View Source
CarTrade's Sobek shuts customer-to-business operations, shifts focus to classifieds business
Economic Times
·
1y ago
Medial
CarTrade's subsidiary Sobek has decided to end its customer-to-business auto transaction operations and implement cost-cutting measures. Sobek Auto's C2B business faced challenges in terms of unit economics. The company plans to reduce costs and explore partnerships with other players. Instead, Sobek will focus on its profitable classifieds business Olx, which has demonstrated profitability and growth potential. CarTrade acquired Sobek in August and aims to leverage Olx's strong presence in the market.
View Source
Trackers
Active Indian VC’s
OG Capital
Email
With a hands-on approach, OG Capital aims to invest in over 20 promising...
Accel Partners
Email
Early and growth-stage investments in disruptive technology companies with...
Blume
Email
Early-stage venture capital firm investing in technology startups in India. Focus on...
Access All Trackers
Startup Showcase Winners
June 2025
Buddy
Helping your parents when you are miles away
BiteStop
The Pit Stop Your Cravings Deserve
Bloomer
The next generation E-commerce platform
Enter Ongoing Startup Showcase
Top Users
Trending News on Medial
Download the medial app to read full posts, comements and news.
Go to Medial App
Not Now
Know everything that’s happening in the startup ecosystem, first.
Enable Notifications?
No, thanks
Count me in