Cars24’s net loss grows 6.4 pc to Rs 498 crore in FY24

New Delhi, Nov 27 (SocialNews.XYZ) Online pre-owned car retailer platform Cars24 has reported a loss of Rs 498 crore in the last financial year (FY24), compared to Rs 468 crore in FY23, which is a 6.4 per cent increase.

The company's expenses saw 23.3 per cent increase (year-on-year) to Rs 7,461 crore, from Rs 6,053 crore in FY23, as per its latest financials.

In FY24, Cars24 spent most on purchasing vehicles at Rs 6,106 crore. This cost increased by 23.8 per cent year-on-year, constituting 81.8 per cent of the total cost.

Apart from this, the remaining expenses were related to employee benefits, advertising, legal, commission to brokers and other items.

The company's income also increased by 25.1 per cent to Rs 6,917 crore, which was Rs 5,530 crore in FY 23.

Income from car sales grew by 24 per cent to Rs 6,400 crore last fiscal, which was Rs 5,164 crore in FY23, as per an Entrackr report.

The remaining revenue came from components such as financial services, service fees, parking fees and other services such as insurance and warranty.

According to the company, it sold more than 2,00,000 cars in the last financial year.

Cars24 has not reportedly raised any new 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, among others.

Founded in 2015, CARS24 offers services like buying, selling, loans, insurance, driver on demand, FASTag, challans, scrapping and more—into one powerful platform making it the only super app in this segment. Apart from this, through CARS24 Financial Services, the company offers various vehicles lending products to the customers.

Source: IANS