The application offers fleet management and passenger transportation services. The trips provided or agreements with customers and B2B services are the company’s primary source of revenue. The startup also provides car rental services and food transportation to corporates.

Entrackr mentioned in its report that the firm earns its income through marketing campaigns. The company earns Rs 27.71 crore through interest and gain on financial assets. This pushed the total revenue generated was around Rs 1,057 crore in FY24.

The company has secured around $64.3 million across multiple funding rounds since its inception, including 30 million USD raised during its series C funding round led by Uber with the participation of other investors. The data intelligence platform, tracxn mentioned the firm’s post-money valuation to be around 217 million USD as of September 2023. 

The Mumbai-based firm is the only company that uses a 100 percent CNG fleet of vehicles. The firm managed to have completed twenty lakh and above trips.  The startup also provides other transportation services like deliveries and ride-hailing services. Everest Fleet claims to be Uber India’s largest professionally managed fleet supplier. The depreciation costs stood at Rs 53.85 crore in FY24. The finance, employee benefits, rent, and other expenses increased the total expenditure by 143 percent to Rs 1,007 crore in this financial year. Everest Fleet faces competition from other fleet operating platforms such as Samsara, LocoNav, and Wright Express.

The startup remained profitable and the profit saw an 8 percent decrease to Rs 37.94 crore in this fiscal year. Meanwhile, employee benefits increased by 104 percent to Rs 68.28 crore with financial cost increased by 150 percent to Rs 33.80 crore in the same duration. The mobility startup failed to manage its losses by 8 percent. The company intends to manage its losses for this financial year. The firm claims to have over 18,500 cars operating in 7 cities. The company offers its services in Mumbai, Kolkata, Chennai, Bengaluru, and Hyderabad. The EBITDA margin stood at 13.04 percent, while the ROCE was around 13.29 percent in this financial year.

Conclusion :

Uber-backed mobility startup Everest Fleet announced a 120.7 percent increase in its operational revenue to Rs 1,029.4 crore in FY24. The startup offers management solutions to fleet operators. The firm provides passenger transportation and B2B services like car rental and food transportation services. These services and interest and gain on non-operating services are the firm’s primary sources of revenue. 

The profit also decreased by 8 percent to Rs 37.94 crore in FY24. The total expenditure of the firm increased by 143 percent and crossed Rs 1,007 crore in the same duration. The company has secured over 64.3 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/

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.

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/