In FY23, after excluding earnings from its discontinued used-car sales business, the Peak XV Partners-backed company reported revenue from operations of Rs 1,347 crore, representing a 54% development in FY24 on a like-for-like foundation.
Throughout FY23, the corporate shut down its retail used-car gross sales enterprise and consumer-to-business (C2B) vertical, citing challenges with unviable unit economics.
The corporate’s web loss narrowed to Rs 340 crore in FY24, in comparison with Rs 562 crore within the earlier fiscal yr. Much like final yr, the corporate attributed its income development to its insurance coverage market InsuranceDekho and fintech platform Rupyy.
ET reported last year that new-age used-car platforms elevated their efforts on producing income from ancillary sources like auto financing, insurance coverage and classifieds, after witnessing a slowdown of their development.
“We strategically expanded our portfolio by means of focused M&A initiatives, together with the acquisitions of Revv and Carrum, investments in cutting-edge applied sciences equivalent to BiUP (SaaS platform) and Girnar AI Improvements Lab (chatbot startup),” stated Neelesh Talathi, group chief monetary officer of CarDekho Group.
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Based in 2008, the corporate claims to have practically 60 million month-to-month customers.CarDekho, which competes with the likes of SoftBank-backed Cars24, Tiger International-backed Spinny and listed agency CarTrade, stated that it raised $80 million in development capital in the course of the yr.
Final yr in December, the company acquired a shared mobility platform Revv. In response to the corporate, Revv managed a fleet of over 1,000 automobiles, serving greater than 5 million clients at its peak.
“These achievements not solely strengthen our place as a market chief but in addition reaffirm our IPO readiness and dedication to delivering long-term worth to all stakeholders,” he added.
Gurugram-based Spinny reported a 14% YoY increase in operating revenue to Rs 3,725 crore for FY24. It additionally narrowed its web loss in FY24 to Rs 590 crore from Rs 820 crore the earlier yr.
Cars24 recorded a 25% growth in operating revenue at Rs 6,917 crore in FY24. Its web loss widened to Rs 498 crore from Rs 468 crore in FY23.