OLX, an online classifieds marketplace for auto, real estate and goods and services, announced its financial results for FY18. According to the filings, sourced via Tofler, the company has had a successful year as it posted 93.6% increase in total income for the year with $24.45 Mn (INR 179.26 Cr).
After more than a decade of presence in India, OLX today reaches over 4,000 cities in India.
With nearly 40 Mn monthly active users in India, the platform currently runs an online medium for buying and selling of pre-owned cars; a segment that until recently was dominated by offline unorganised dealers.
Related Article: OLX To Double Sales Team In 2019 To Bolster Real Estate Ops
As a company which has been continuously posting profits, here’s a quick update on the financials for FY18:
- The net worth for OLX India is $4.66 Mn (INR 34.22 Cr)
- OLX posted a total expenditure of $21.17 Mn (INR 155.2 Cr), a 93.3% increase from $10.94Mn (INR 80.25 Cr) in the previous year
- The company posted Profit Before Tax $3.28 Mn (INR 24 Cr), a 95% jump from $1.67 Mn (INR 12.29 Cr) in FY17
- The Profit After Tax for FY18 was $2.12 Mn (INR 15.60 Cr)
- The company significantly invested in its employees as it increased Employee Benefits Expenses by 108% reaching $14.24 Mn (INR 104.42 Cr)
Earlier in March, the company posted a three-fold increase in revenues from the pre-owned cars category during FY 2017-18, which it accredited to an active base of business sellers, the launch of customised solutions as well as a local sales support team of 200 operating across 50 cities.
In July 2016, Naspers launched Stradia.in, an online used car marketplace, on Olx in India. Through the platform, users can search for an option by brand, model, price, year, mileage and fuel type across all segments.
Olx offers multiple trading platforms in more than 40 countries. It works on enabling its 330 Mn monthly users across the world to buy and sell almost anything online, such as household goods, phones, cars and houses. With a team of 4,000 people, OLX operates from 25+ offices across five continents.
Quikr, with its presence in 1000 cities in India, has spread its verticals across diverse domains like grocery, home rentals, beauty services as well as online recruitment.
The company reported a 55% increase in turnover to $10 Mn (INR 63.8 Cr) in FY17.