Cars24’s Total Revenue Doubles To INR 6,008 Cr In FY22, Loss Widens To INR 248 Cr

Cars24’s Total Revenue Doubles To INR 6,008 Cr In FY22, Loss Widens To INR 248 Cr

SUMMARY

The used-car marketplace’s operating revenue jumped 87% to INR 5,136.5 Cr from INR 2,741.3 Cr in FY21

Cars24’s total loss rose 29.5% to INR 248 Cr in FY22 from INR 191.5 Cr in the previous year

Cars24, which raised $850 Mn in FY22, saw its total expenses more than double to INR 6,256.3 Cr during the year

Gurugram-based used-car marketplace Cars24’s total consolidated revenue more than doubled during the financial year ended March 31, 2022. The startup’s total income jumped 116% to INR 6,008.2 Cr in the financial year 2021-22 (FY22) from INR 2,775.9 Cr in FY21.

Revenue from operations surged 87% to INR 5,136.5 Cr from INR 2,741.3 Cr in FY21. The rise in demand of used cars during the pandemic helped the startup increase its revenue. According to a report, 4.4 Mn used cars were sold in India during FY22, and this number is expected to rise to 8 Mn by FY27 as people have become financially conscious in the aftermath of COVID and are opting for buying used cars rather than a new car. 

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