In FY23, after excluding income 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% growth in FY24 on a like-for-like basis.
During FY23, the company shut down its retail used-car sales business and consumer-to-business (C2B) vertical, citing challenges with unviable unit economics.
The company’s net loss narrowed to Rs 340 crore in FY24, compared to Rs 562 crore in the previous fiscal year. Similar to last year, the company attributed its revenue growth to its insurance marketplace InsuranceDekho and fintech platform Rupyy.
ET reported last year that new-age used-car platforms increased their efforts on generating revenue from ancillary sources like auto financing, insurance and classifieds, after witnessing a slowdown in their growth.
“We strategically expanded our portfolio through targeted M&A initiatives, including the acquisitions of Revv and Carrum, investments in cutting-edge technologies such as BiUP (SaaS platform) and Girnar AI Innovations Lab (chatbot startup),” said Neelesh Talathi, group chief financial officer of CarDekho Group.
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Founded in 2008, the company claims to have nearly 60 million monthly users.CarDekho, which competes with the likes of SoftBank-backed Cars24, Tiger Global-backed Spinny and listed firm CarTrade, said that it raised $80 million in growth capital during the year.
Last year in December, the company acquired a shared mobility platform Revv. According to the company, Revv managed a fleet of over 1,000 cars, serving more than 5 million customers at its peak.
“These achievements not only strengthen our position as a market leader but also reaffirm our IPO readiness and commitment to delivering long-term value to all stakeholders,” he added.
Gurugram-based Spinny reported a 14% YoY increase in operating revenue to Rs 3,725 crore for FY24. It also narrowed its net loss in FY24 to Rs 590 crore from Rs 820 crore the previous year.
Cars24 recorded a 25% growth in operating revenue at Rs 6,917 crore in FY24. Its net loss widened to Rs 498 crore from Rs 468 crore in FY23.