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Analysis

Losses down 65%, Cars24 takes massive leap towards profitability

Gaurav Tyagi

January 17, 2024 | 6 Min Read

January 17, 2024 | 6 Min Read

Cars24’s latest financials paint a picture of a company that has cracked the used car marketplace code. With losses down by nearly two-thirds and already the largest player in its space, could the Singapore-domiciled company be angling for an Indian listing?

Key Takeaways

According to filings with Singaporean regulators, Cars24 ended FY23 with revenues of Rs Rs 7,721.5 crore
While its revenue growth was a not-so-impressive ~16%, it managed to cut its losses to Rs 1,218 crore—a 65% decrease, year-on-year
This has come on the back of cutting marketing spends, reducing its workforce, and exiting difficult overseas markets
However, with domestic gross margins increasing from 3% to 11% and the company transferring various assets to its Indian entity, it appears to be readying for an Indian IPO

At a time when the organised used car market in India is experiencing a phase of consolidation, with both venture-backed startups and car manufacturer-owned platforms shifting it focus towards profitability, Cars24 appears to have stolen a march on its rivals.

Last week, the used car marketplace filed its results for the year ended March 2023 in Singapore, where the company is domiciled. While its revenue from operations grew by only 16.4% year-on-year to Rs 7,721.5 crore, the company’s annual losses shrunk by 65% to Rs 1,218 crore during the period.

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