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.