Tractor Junction is an online listing platform for used tractors that announced a 131 percent increase in operational revenue to Rs 62 crore in FY24. The startup provides a mobile application to help users find and view the tractors on the platform. The application allows users to list their tractors for renting and selling purposes. The tractor sale is the company’s primary source of revenue. The startup also provides essential information regarding tractors and vetted reviews on farm machinery to help users compare the options.
Entrackr mentioned in its report that the firm also earns 27 percent of its income through the tractor’s services. The company earns Rs 5.8 crore through interest on deposits. The overall revenue generated was around Rs 67.8 crore in FY24. This increase is 3.2 times from Rs 28.8 crore in FY23. The company has secured over $6 million across multiple funding rounds since its inception, including $2.96 million raised during its series A funding round led by Omnivore and Info Edge Ventures.
The startup data intelligence platform, thekredible mentioned that the company’s post-money valuation is around 19.34 million USD. The platform facilitates selling, buying, and insuring new or used tractors, rural commercial vehicles, and farm equipment.
The startup also provides a range of features for vetted reviews and farm machinery. The material costs accounted for 60 percent of the total expenses. The finance, advertising, rent, legal, and other expenses increased the total expenditure by 109.8 percent to Rs 72.8 crore in FY24. Tractor Junction faces competition from other vehicle listing platforms such as Buses Dekho and 91 Trucks.
The startup reported a 50.8 percent decrease in its losses of Rs 3.67 crore in the same duration. Meanwhile, employee benefits accounted for 21 percent of the total expenditure in this financial year. The Alwar-based startup managed its losses by 51 percent by controlling its operating expenses and employee benefits.
The company intends to manage its losses for this financial year. The company reported total net losses of Rs 3.67 crore for this financial year. The EBITDA margin stood at -5.85 percent while the ROCE was around -7.68 percent.
Conclusion :
The online listing platform and marketplace for tractors announced a 131 percent increase in its operational revenue to Rs 62 crore in FY24. The online platform allows users to find and view the specifications of the tractors. The firm provides users an option to list their tractors on the platform for selling or renting. The sale of tractors, tractor services, and interest on deposits are the firm’s primary sources of revenue.
The loss also decreased by 50.8 percent to Rs 3.67 crore in FY24. The total expenditure of the firm increased by 109.8 percent and crossed Rs 72.8 crore in the same duration. The company plans to control its losses this year by taking cost-cutting measures and reducing employee expenses. The company has secured over 6 million USD across multiple funding rounds to date.
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