Consolidated net revenue at India-based used car marketplace CarTrade Tech, which acquired OLX India in August, rose by 44% year on year (y-o-y) to INR1.5 billion ($17.7 million U.S.) in the three months to September 2023 (Q2 FY23-24).
According to a news release, the company’s total income rose to INR3.3 billion, with the purchase of stock-in-trade accounting for INR1.8 billion of this.
Adjusted EBITDA for Q2 FY23-24 was INR319 million, up 3.8% y-o-y. As a result, the company’s adjusted EBITDA margin declined from 30% in Q2 FY22-23 to 22% in Q2 FY23-24.
Car Trade’s profit after tax (PAT) more than doubled during the same period, rising by 132% to INR129 million.
According to the company, “The platforms received 70 million average monthly unique visitors for Q2 FY24, of which 90%+ were organic,” while annualized listings reached 1.2 million in Q2 FY23-24. It noted that “The company is now present in 350+ physical locations.”
Vinay Sanghi, chairman and founder of CarTrade, said: “This has been an important quarter for CarTrade Tech, highlighted by the acquisition and ongoing integration of the OLX India business. Our strategy has involved restructuring the OLX operations to improve our unit economics and ensure that the classifieds business enhances and supports our consumer group business effectively.”
In line with Sanghi’s words, CarTrade has decided to shut down the c-to-b operations of OLX India auto division and focus on the horizontal vertical.
Founded in 2009 and headquartered in Mumbai, CarTrade Tech operates CarWale, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz, in addition to 73 CarWale AbSure outlets in 33 Indian cities.