Cars24’s Sales Inch Closer To $1 Bn Mark In FY23

Cars24, the Delhi NCR-based used car marketplace, has driven its growth engine in FY23, achieving a 16% surge in consolidated operating revenue to $930.3 million, up from $799 million in FY22. This impressive performance brings Cars24 closer to the coveted $1 billion annual revenue mark.

Adding to the good news, the unicorn managed to trim its net losses by 32% year-on-year, bringing the figure down to $168.3 million in FY23 from $248 million in FY22. This indicates increasing efficiency and a path towards profitability for the startup backed by cricketing legend MS Dhoni.

Cars24's success can be attributed to its focus on streamlining the used car buying and selling experience. The platform offers car owners a hassle-free way to sell their vehicles through online valuations, doorstep inspections, and instant cash payments. For buyers, Cars24 provides a wide range of certified pre-owned cars with financing options and after-sales support.

Furthermore, Cars24's disciplined spending played a key role in its improved financial performance. The startup managed to keep its total expenditure flat at around $1 billion in FY23, showcasing its commitment to cost optimization and efficient resource allocation.

With its strong revenue growth, narrowing losses, and focus on operational excellence, Cars24 is well-positioned to capitalize on the booming used car market in India. The company's future looks bright, and it is sure to continue disrupting the traditional used car industry with its innovative approach and customer-centric offerings.

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