Cars24, a platform selling used cars online, said on Friday that the company reported a loss of Rs 498 crore for the last financial year (FY24) as against Rs 468 crore in FY23.
That is 6.4 per cent up. According to the latest financials of the company, expenses saw an increase of 23.3 per cent, year-on-year to Rs 7,461 crore, from Rs 6,053 crore in FY23.
In FY24, Cars24 spent the most on buying vehicles at Rs 6,106 crore. This cost rose by 23.8 per cent year-on-year and accounted for 81.8 per cent of the total cost.
The other expenses included employee benefits, advertising, legal, commission to brokers, and other items.
The company's revenue also rose by 25.1 per cent to Rs 6,917 crore, which was Rs 5,530 crore in FY 23.
According to an Entrackr report, income from car sales increased by 24 per cent to Rs 6,400 crore last fiscal, compared to Rs 5,164 crore in FY23.
The remaining revenue came from components such as financial services, service fees, parking fees, and other services like insurance and warranty.
The company claims to have sold more than 2,00,000 cars in the last financial year.
Cars24 has reportedly not raised new funding over the last three years. The company raised $450 million at a valuation of $3.3 billion in December 2021. Alpha Wave, SoftBank, Tencent and DST Global are its major investors.
CARS24 was founded in 2015 and provides services such as buying, selling, loans, insurance, driver on demand, FASTag, challans, scrapping, and many more services into one powerful platform, making it the only super app in this segment. Other than this, the company provides various vehicles lending products to the customers through CARS24 Financial Services.
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