The used car sales platform Cars24 reported that its Gross Merchandise Value (GMV) reached 937 crore rupees in August. This figure demonstrated a year-on-year growth of 37% and an increase of 11.1% compared to the previous month. At this pace, the annual GMV is estimated at approximately 11,000 crore rupees.
The company's GMV has shown acceleration in recent months: it increased from 682 crore rupees in April to 760 crore rupees in May, then to 747 crore rupees in June, after which it rose to 844 crore rupees in July and reached 937 crore rupees in August. This represents an increase of 37.4% between April and August, with GMV growing for two consecutive months—July and August. A similar trend was observed in loans disbursed, which grew from 300 crore rupees in April to 415 crore rupees in August. Furthermore, in August, the company returned to positive EBITDA of 0.7 crore rupees after a loss of 14 crore rupees in July.
Adjusted net revenue in August grew faster than GMV, increasing by 46% year-on-year and 16.4% month-on-month, reaching 173 crore rupees. This contrasts with the 37% and 11.1% growth in GMV, respectively. According to the company, at the current pace, the annual adjusted net revenue will exceed 2,000 crore rupees.
The company maintained positive EBITDA throughout the month. Cars24's lending business also expanded: loan disbursements increased by 70% year-on-year and 15.7% month-on-month, totaling 415 crore rupees. This corresponds to an annual lending rate of about 5,000 crore rupees. In August, transactions in vehicle ownership services exceeded 540,000.
Shivanshu Makar, CFO of Cars24, noted: 'In August, we increased GMV, increased net revenue faster than GMV, remained profitable, and did so without the need to create a corresponding cost base.'
In India, Cars24 recorded an all-time high number of inspections in August, growing by 32% year-on-year, while GMV grew by 38%. The company stated that its consumer business continues to grow within the overall business structure.
Business in Australia grew by approximately 30%, with electric vehicles accounting for about 25% of this segment. In the UAE, Cars24 reported maintaining profitability and increasing its share in the used car market to approximately 7%. The company also attributed part of its operational leverage to the use of artificial intelligence: revenue per employee grew by 52.3% year-on-year, and AI now constitutes 90% of the code in the company.