India-based used car marketplace CarDekho has posted INR24 billion ($289 million U.S.) in consolidated revenue for the 12 months to March 2023 (FY22-23), up 46.3% year on year (y-o-y), YourStory reports.

However, the group’s expenses rose significantly across segments, including rent, legal fees, IT, and — most importantly — advertising and promotions. As a result, CarDekho’s loss increased by a whopping 130% y-o-y to INR5.6 billion. In FY21-22, the company lost INR2.4 billion.

In May this year, CarDekho abandoned its b-to-c business, TrustMark Stores, citing the high cost of capital: “We were losing money in the b-to-c model without any sight of profitability. The cost of capital didn’t give any reason for us to continue,” company CEO and co-founder Amit Jain commented.

Majority-owned by GirnarSoft, IPO-bound CarDekho currently has 50 million unique monthly visitors. Its insurance arm, InsuranceDekho, raised $60 million U.S. in funding earlier this month.

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