CarTrade Tech

Revenue at India-based automotive marketplace CarTrade Tech rose by 31% year on year (y-o-y) to INR1.5 billion ($18.3 million U.S.) in the three months to December 2023 (Q3 FY23-24).

On a quarterly basis, revenue increased by 11.7%, according to the company’s news release.

“This exceptional performance is a testament to our unwavering commitment to execution and leveraging the strength of our renowned brands,” commented CarTrade Tech chairman and founder Vinay Sanghi.

CarTrade’s expenses grew by 30.7% y-o-y to INR1.2 billion, with employee costs increasing by 28.5%.

The company’s profit after tax from “continuing operations” grew by 56% y-o-y to INR219 million. However, its discontinued operation — the c-to-b car-buying business of OLX India — lost INR455 million, pushing CarTrade to a net loss of INR235 million.

CarTrade acquired OLX India in August 2023 and, a couple of months later, closed its car-buying operations. “The decision to close OLX India’s c-to-b operations is in consideration of the challenges faced with its unit economics. Sobek (OLX India’s parent entity) will continue to focus and grow its classified business OLX.in,” CarTrade said at the time.

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 cities. According to the company, it clocked 70 million average monthly unique visitors in Q3 FY24, with 355,363 vehicles listed on its marketplaces.

Related Articles