Cardekho is an online listing platform for new and used vehicles that announced a 3.5 percent decrease in operational revenue to Rs 2250 crore in FY24. The startup provides a mobile application to help buyers search and view the cars on the platform. The application allows users to list and compare cars based on road prices and features. The advertisement and financial services are the company’s primary sources of revenue. The startup also provides loans and automobile finance for those who want to buy cars.
The company’s 41 percent income comes through advertisements and its services. The company earns Rs 930 crore through these services which grew by 16.5 percent in FY24. The firm also received Rs 743 crore from the Insurance broking platform, Insurance Dekho which formed 33 percent of the total income. While Rs 143 crore came from non-operating services pushing the total revenue to Rs 2,393 crore in FY24. This increase is 7.8 times compared to last fiscal year. The company has secured over $501.1 million across multiple funding rounds since its inception, with around nine acquisitions.
The startup data intelligence platform, tracxn mentioned that the company’s post-money valuation was around 1.2 billion USD. The platform offers selling, buying, and insuring new used vehicles based on price, brand, location, and other factors. The startup also provides a range of features for reviews and specifications. The advertisement and promotional costs accounted for 26 percent of the total expenses and crossed Rs 700 crore. The finance, advertising, manpower, legal, and other overheads increased the total expenditure by 8.6 percent to Rs 2669 crore in FY24.
The startup reported a 39.9 percent decrease in its losses of Rs 340 crore in this financial year. Meanwhile, employee benefits crossed Rs 642 crore, including ESOP cost of Rs 74 crore in the same duration. The Jaipur-based startup managed its losses by 40 percent by controlling its operating expenses and employee benefits. The company posted an EBITDA margin of -9.19 percent while the ROCE was around -9.2 percent in FY24. CarDekho faces competition from other listing platforms such as CarTrade, Droom, and CarWale.
Conclusion :
The car listing platform, CarDekho announced a 3.5 percent increase in its revenue from operations to Rs 2250 crore in FY24. The online platform allows users to search and view the specifications or pricing of the cars. The firm provides an application that allows users to compare prices and buy the vehicle according to their needs. The sale of cars, related services, and advertisement services are the firm’s primary sources of revenue.
The firm’s loss also decreased by 39.9 percent to Rs 340 crore in FY24. Cardekho Group’s total expenditure saw an 8.6 percent decline and crossed Rs 2,669 crore in the same duration. The company managed to cut its losses by 40 percent for this financial year. The company posted an EBITDA margin of -9.19 percent with an ROCE of -9.2 percent in FY24.
Niraj Kumar is the Founder and CEO of Scoopearth, bringing over 13 years of experience across diverse domains, including journalism, content marketing, digital marketing, startup mentoring, and business coaching. His extensive background and leadership have made a significant impact in these areas, helping startups grow and succeed in a competitive landscape.
Reach us: niraj@scoopearth.com
Linkedin Profile: https://www.linkedin.com/in/digitalnirajj/
Disclaimer -We have collected this information from our direct sources, various trustworthy sources on the internet and the facts have been checked manually and verified by our in-house team.
0 Comments