Consolidated operating revenue at India-based used car marketplace Cars24 rose by 7.8% year on year (y-o-y) to INR55.3 billion ($664 million U.S.) in the 12 months to March 2023 (FY22-23), Entrackr reports.

Cars24 consists of a Singapore-based holding company and 12 subsidiaries across India, the UAE, Australia and Thailand.

The company’s car sales division accounted for the bulk of its revenue — 93% — in FY22-23, while the share accounted for by financial services doubled y-o-y.

Cars24’s loss declined by 57.2% y-o-y to INR4.6 billion ($56.1 million) in FY22-23. Employee expenses decreased considerably, partly due to layoffs last year. Total expenses fell to INR60.5 billion in FY22-23. Car procurement accounted for 81% of total expenses.

The company has renewed its focus on India following its exit from Indonesia and Saudi Arabia, which it attributed to a high rate of cash burn.

“By solving for process efficiency and automation and implementing these changes across the organization, we have achieved substantial cost reductions. These cost savings, in turn, have allowed us to reallocate resources to areas, such as technology development, ensuring we’re well positioned for the long-term and can continue to provide exceptional value to our customers,” said Gajendra Jangid, co-founder and CMO of Cars24 (LinkedIn profile).

Founded in 2015, Cars24 was initially a b-to-b marketplace but later shifted to a c-to-b-to-c model. It has raised a total of INR94.7 billion in funding to date.

The company launched its first R&D centre in Bengaluru earlier this year. Since last month, Indian users have been able to use Cars24 to pay traffic fines online.

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