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

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/

www.scoopearth.com/

The firm also earns its income through partnerships with companies like Rapido and Uber. This increase is 3.2 times from Rs 28.8 crore in FY24. Inc42 reported. The company has secured over $75 million across multiple funding rounds since its inception, including $15 million raised during its series C funding round led by Indian Angel Network, ENOS Group, and other investors. The data intelligence platform tracxn posted a post-money valuation of the firm to be around 282 million USD.

Miscellaneous expenses increased by 181 percent and stood at Rs 274.1 core in FY24. The rent cost also increased by four times to Rs 27.3 crore in the same duration following the rental of more warehouses to store its vehicles. Zypp Electric recently raised $15 million from a new investor and Japanese Energy giant ENOS.

The Gurugram-based startup posted a total revenue of Rs 302.6 crore in this financial year. The startup reported a 125 percent increase in its losses to Rs 91.1 crore in the same duration. Meanwhile, employee costs saw a 112 percent increase to Rs 46.5 crore in FY24.  The startup plans to manage its losses by controlling its operating expenses and employee benefits. The company has 54 institutional investors, including ENOS group, Indian Angel Network Fund, and Gogoro.

The company intends to manage its losses for this financial year. The company reported total net losses of Rs 91.91 crore for this financial year. The total expenditure increased by 160 percent to Rs 394 crore in FY24. Zypp Electric faces competition from other electric vehicle renting platforms such as Euler Motors, Yulu, Zen Mobility, and Evify.

The startup offers more than 20,000 electric vehicles through its online platform across India. The company entered into the three-wheeler electric vehicle market last year to strengthen its market presence in the EV sector. The company currently has over 750 three-wheeler electric vehicles.

Conclusion:

The two-wheeler electric vehicle renting platform announced a 2.7 times increase in its operational revenue to Rs 292.7 crore in FY24. The online platform allows users to find and rent two-wheeler electric vehicles. The firm allows users to list and locate their electric vehicles on the platform. The rental services are the firm’s primary source of revenue.

The loss also increased by 125 percent to Rs 91.1 crore in FY24. The total expenditure of the firm increased by 160 percent and crossed Rs 394 crore in the same duration. The company plans to minimize its loss and improve its services. The company has secured over 75 million USD across multiple funding rounds to date.

Niraj Kumar

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/

www.scoopearth.com/

Growth Policy of Genesis

Genesis, the luxury automobile company from South Korea, has been on a growth spree in the auto industry. Genesis continues to embrace the brand attributes of being Audacious, Progressive, and Distinctively Korean. This design philosophy is a motivating force, influencing both their products and carving out unique customer experiences. Genesis strives to grow its globally recognized brand by introducing vehicles that will attract luxury car clients around the globe. Their trust in quality, innovations, and looks places as a serious contender in the luxury market.

In terms of sales, Genesis has been able to register significant growth. Barely selling 530 cars in its inaugural year, their growth in numbers skyrocketed to over 100,000 in 2020 alone and further propelled to over 200,000 in 2021 alone. Currently, Genesis cars amount to five percent of the total cars on the road as of Q1 2023. It accounts for 4 percent of Hyundai Motor Group’s total sales, which has shown a rapid rise. However, Genesis bravely ventured into the Chinese luxury car market because of its importance and expansion prospects. The foundation of their business is expansion and innovation which are their main key success factors. Genesis connects innovations, designs, and specifically Korean identity to re-establish luxurious automobile branding and increase market share. 

$3000 Reduction and Competitive Financing

Genesis Australia is offering a $3000 drive away on all models of the car. While this offer only applies to orders placed before August 31, delivery of mobiles must also take place before this date. Approved customers who opted for Genesis Finance benefited. Five percent finance rate that is competitive in the market. Customers are required to pay at least 20 percent down payment and select the maximum loan term of four years. 

Genesis EV Models

Genesis presents an impressive EV lineup meant to make every drive better. Genesis GV60 is an innovative EV that embraces design and technology for change. Up to 294-mile range based on EPA estimates. Subscriptions, eight-speed automatic transmission, 429 horsepower of all-wheel drive, and active noise cancellation.

From electrified GV70, Genesis is challenging the conventions of EV design. 217 kilometers or EPA estimated range of 236 miles. Optional 429-horsepower and five unique drive modes for a nuanced drive. Genesis Electrified G80 is an electrified proposition combined with elegance. This car comes with an EPA estimated range of 282 miles. Features a high-definition 14.5-inch LCD and reverse/back smart parking assist on the optical vehicle indicator.  

Challenges Faced by Genesis

Genesis, the South Korean luxury brand, has faced several hurdles in its journey toward becoming a contender in the luxury car market. In the first place, Genesis saw some doubts when it started as a standalone luxury brand in 2015. Some questioned Hyundai’s capabilities to set up a luxury car division let alone competing with established brands from Korea. To overcome this perception it was important to embark on strategic marketing, constant improvement, and quality assurance. Genesis rivals iconic automotive manufacturers such as BMW and Mercedes-Benz. Getting into this realm is incredibly difficult. Currently, Genesis aims at winning market share through a differentiation strategy on aspects such as features, craftsmanship, and price.

As for Genesis, Hyundai Motor Company wants the brand to be ambitious, liberal, and unlike other cars, Korean.  It remains a task to build a brand image that appeals to consumers while differentiating from other brands in the market. The IT problems that Genesis felt to have an impact include cybersecurity issues, network delays, and equipment changes. Organizational functional issues addressed comprised of issue resolution mechanisms, staff development, and capability deficits. However, these factors do not deter Genesis from building and growing where other luxury sub-brands have stalled.

Conclusion

Despite the high competition that Genesis has in the segment of luxury cars, these offers are a great chance for consumers to familiarize themselves with the brand’s combination of design, power, and innovations. Their devotion to innovation, quality, and the customer experience remains a key focus that fuels their growth.

Scoopearth Team

Scoopearth team comprises a group of highly skilled professionals with expertise in their niche.  These  Team members have extensive experience in understanding and researching in topics such as startups, technology, artificial intelligence, trending business news, Listicles and  Case Studies . To maintain the highest quality standards, all articles are Manually  reviewed and verified by Niraj Kumar and Deepika Khare, ensuring accuracy, authenticity, and reliability.

Note: You can reach us at support@scoopearth.com with any further queries.

Linkedin Page : https://www.linkedin.com/company/scoopearth-com/

www.scoopearth.com/

Electric Vehicle (EV) Sales and New Model Launch

The trend toward clean mobility is resulting in growing demand for electric two-wheelers. The addition of new models to the existing line of vehicles is likely to encourage consumers to switch to electric vehicles through the Electric Mobility Promotion Scheme 2024. This may be because there is a lot of demand for new and fresh models to come to the market. This is mainly because the manufacturers are coming up with new designs and features of the product to entice the buyers. 

Interest Rate Cuts and Export Recovery

A predicted decrease in interest rates in the second half of FY25 could help boost consumer demand and increase expenditure. The industry aims to get back from the export decline identified in the FY24 period. Higher exports may supplement overall sales numbers. Better monsoons and better rural customer attitudes may pull up sales volumes. 

Historical Facts

For two-wheelers, the record sales volume in the Indian automobile industry was observed in FY19, and the annual sales recorded were 24.46 million units. However, there was a decline in FY24, where the total sales volume was 21.43 million units. The decline was on the back of factors such as increased vehicle prices because of BS-VI norms, higher rates of interest, and rural income pressures.

Nevertheless, the outlook of this industry appeared to be optimistic in the second half of FY24 due to festive season demand and positive sentiment in the rural markets. Double-digit volume grew through to the next FY25 implying growth and flexibility.

Ways Manufactures can boost sales in FY25

Several options available to meet customers’ needs, such as electric scooters and bikes, should be provided. Practice competitive pricing to be able to sustain the market. Promotional techniques such as time-sensitive price reductions, product swaps, and credit schemes are useful for attracting the price-sensitive consumer. Promote your products using good marketing strategies. Emphasize your competitive advantages or Unique Selling Propositions (USPs). Use social media, influencers, and partnerships to build the brand’s image. Satisfy the customer needs by offering quality after-sales service. A happy customer is likely to endorse your brand and make future purchases.

Establish new dealerships at prime locations. There is an effective way of supplying the market to meet demand as soon as possible. Cultivate digital mediums for selling and customer interactions. Create more accessible websites, mobile applications, and online reservation systems. Make it easier for customers to finance their purchases by negotiating with banks and NBFCs for the best deals. Availability of credit can stimulate demand.

Conclusion

Even though the growth rate in FY25 may be slightly lower, the industry remains sufficiently flexible to respond to changes. The growth in the sales of existing EVs and the introduction of new models in the market indicate that this particular segment of two-wheelers has a promising future ahead of it. 

Scoopearth Team

Scoopearth team comprises a group of highly skilled professionals with expertise in their niche.  These  Team members have extensive experience in understanding and researching in topics such as startups, technology, artificial intelligence, trending business news, Listicles and  Case Studies . To maintain the highest quality standards, all articles are Manually  reviewed and verified by Niraj Kumar and Deepika Khare, ensuring accuracy, authenticity, and reliability.

Note: You can reach us at support@scoopearth.com with any further queries.

Linkedin Page : https://www.linkedin.com/company/scoopearth-com/

www.scoopearth.com/