Zoomcar India's Loss Triples, Nasdaq Shares Surge

Editorial Desk · 2024-01-19T12:00:57+05:30

Zoomcar's India entity recorded a substantial increase in net loss, surging by 221% to reach INR 237 Cr in the fiscal year 2022-23, up from INR 74 Cr in the previous year. The company's operating revenue also experienced a decline of 27%, dropping to INR 69.1 Cr in FY23 from INR 94.9 Cr in the preceding fiscal year. The decline in revenue is attributed to reduced incomes from car rentals and subscriptions, contributing to its total revenue falling by 27% to INR 69.1 Cr in FY23. Notably, the startup reported a 38% surge in its Nasdaq-listed shares since its listing on December 29, 2023, post a special purpose acquisition company (SPAC) merger.Zoomcar India's expenditure decreased by 10% to INR 321.8 Cr in FY23 from INR 359.1 Cr in the previous fiscal year. The largest portion of the company's expenditure was allocated to employee costs, accounting for 39.5% of the total expenses, rising by 7% to INR 127.4 Cr. Additionally, the startup's advertising expenses witnessed a 37% decline to INR 39.5 Cr in the year under review from INR 62.3 Cr in the previous fiscal year. Despite these financial challenges, Zoomcar continues to focus on the Indian market, with India contributing to 90% of the company's business, while also maintaining a presence in Indonesia and Egypt.

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Zoomcar India’s Loss Triples, Nasdaq Shares Surge
Posted by Editorial Desk on January 19, 2024 at 12:00 pm
Zoomcar’s India entity recorded a substantial increase in net loss, surging by 221% to reach INR 237 Cr in the fiscal year 2022-23, up from INR 74 Cr in the previous year. The company’s operating revenue also experienced a decline of 27%, dropping to INR 69.1 Cr in FY23 from INR 94.9 Cr in the preceding fiscal year. The decline in revenue is attributed to reduced incomes from car rentals and subscriptions, contributing to its total revenue falling by 27% to INR 69.1 Cr in FY23. Notably, the startup reported a 38% surge in its Nasdaq-listed shares since its listing on December 29, 2023, post a special purpose acquisition company (SPAC) merger.
Zoomcar India’s expenditure decreased by 10% to INR 321.8 Cr in FY23 from INR 359.1 Cr in the previous fiscal year. The largest portion of the company’s expenditure was allocated to employee costs, accounting for 39.5% of the total expenses, rising by 7% to INR 127.4 Cr. Additionally, the startup’s advertising expenses witnessed a 37% decline to INR 39.5 Cr in the year under review from INR 62.3 Cr in the previous fiscal year. Despite these financial challenges, Zoomcar continues to focus on the Indian market, with India contributing to 90% of the company’s business, while also maintaining a presence in Indonesia and Egypt.
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Zoomcar India’s Loss Triples, Nasdaq Shares Surge