According to its filing with the Ministry of Corporate Affairs, used car marketplace Cars24 Services reported a net loss from its domestic business of Rs 248.07 crore for FY22, up from Rs 191.54 crore in FY21.
Earlier this year, the used cars platform’s revenue from operations from its India business increased by more than 87 per cent year on year in FY22 to Rs 5,136.5 crore, up from Rs 2,741.3 crore in FY21.
According to an earlier conversation with the firm’s co-founder Gajendra Jangid in December 2021, the e-commerce platform’s international business accounts for approximately 20 per cent of its total revenues. In 2021, the company will enter international markets such as Australia, the United Arab Emirates, and Thailand. The company also announced plans to expand its presence in 6-7 countries by 2022. It also planned to expand in Saudi Arabia, Indonesia, and Malaysia.
During the time period in question, the platform’s total expenses more than doubled. It spent approximately Rs 6256.3 crore in FY21, compared to Rs 2967.1 crore in FY21.
According to the filings, the Gurugram-based firm spent nearly Rs 4963 crore on used cars and bikes in FY22, which was nearly 69 per cent more than the previous fiscal’s Rs 2945 crore.
Employee benefit expenses more than doubled to Rs 548.5 crore in FY22, up from Rs 216 crore in FY21. Cars24, a Softbank-backed used-car marketplace, announced its fourth employee stock ownership plan (ESOP) buyback worth $10 million in February for current and former employees.
Similarly, its finance costs increased to Rs 81.5 crore from Rs 11.7 crore in the fiscal year ending March 2021.
The company announced last month that its financial arm, Cars24 Financial Services, achieved profitability during the period under review, but provided no other financial details.
At a valuation of around $3.3 billion, the company raised $300 million in equity and another $100 million in December 2021.
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