Cars24 Surges Towards $1 Billion in Sales in FY23 as Losses Narrow

Editorial Desk · 2024-01-23T11:52:11+05:30

Used car marketplace, Cars24, witnessed a significant uptick in its consolidated operating revenue, marking a 16% increase to $930.3 million in FY23 from $799 million in FY22. Supported by notable figures such as MS Dhoni, the startup managed to maintain its total expenditure at around $1 billion, while also curbing its net loss by 32% to $168.3 million in FY23 from $248 million in the previous fiscal year.The platform, established in 2015, offers a platform for selling and purchasing used cars, with a revenue stream primarily driven by car sales. A strategic move into the car financing space saw success, yielding a 181% increase in revenue from this sector. Notably, the startup shelved its IPO plans in 2021 due to economic slowdown and volatile market conditions, but its impressive performance positions it as a prominent player in the used car marketplace sector.

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Cars24 Surges Towards $1 Billion in Sales in FY23 as Losses Narrow
Posted by Editorial Desk on January 23, 2024 at 11:52 am
Used car marketplace, Cars24, witnessed a significant uptick in its consolidated operating revenue, marking a 16% increase to $930.3 million in FY23 from $799 million in FY22. Supported by notable figures such as MS Dhoni, the startup managed to maintain its total expenditure at around $1 billion, while also curbing its net loss by 32% to $168.3 million in FY23 from $248 million in the previous fiscal year.
The platform, established in 2015, offers a platform for selling and purchasing used cars, with a revenue stream primarily driven by car sales. A strategic move into the car financing space saw success, yielding a 181% increase in revenue from this sector. Notably, the startup shelved its IPO plans in 2021 due to economic slowdown and volatile market conditions, but its impressive performance positions it as a prominent player in the used car marketplace sector.
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