Performance Highlights:
- August GMV: ₹937 crore, up 37% YoY and 11.1% MoM.
- Annualised GMV run rate: ~₹11,000 crore.
- Adjusted net revenue: ₹173 crore in August, up 46% YoY and 16.4% MoM; annualised run rate ~₹2,000 crore.
- EBITDA-positive in August.
- Loans disbursed: ₹415 crore, up 70% YoY and 15.7% MoM; annualised lending run rate ~₹5,000 crore.
- Transactions: 5.4 lakh+ vehicle ownership services; peak days saw one transaction every second.
Strategic Evolution
Cars24 is evolving from a buy-and-sell platform into a comprehensive vehicle ownership ecosystem, earning across financing, insurance, vehicle information, and ownership services.
Shivanshu Makkar, CFO, Cars24: “Growth is useful only when it becomes more efficient as it scales and comes through more value addition for the customers. In August, we grew GMV, grew net revenue faster than GMV, stayed profitable and did it without having to build a matching cost base. That is the model we are building: a much larger ownership business, with technology doing more of the work every month.”
Regional Performance
- India: Highest-ever inspections in August, up 32% YoY; GMV up 38% YoY. Consumer business share continued to rise.
- Australia: Maintained ~30% growth; EVs contributed ~25% of business.
- UAE: Remained profitable; strengthened position to ~7% of used-car market.
AI-Led Operating Leverage
AI continues to drive productivity and profitability:
- Revenue per FTE: up 52.3% YoY.
- AI code generation: 90% of company code written by AI.
- AI review coverage: 100%.
- Return on AI-token spend: >2.7x.
- Micro-agents created in August: 128, including:
- Atlas (problem-to-people mapping)
- AIRO (agent deployment)
- Chronicle (memory engine)
- Backed by Deployment Inc.
Focus Ahead
Cars24’s priorities remain clear:
- Grow net revenue faster than costs.
- Deepen role in the vehicle ownership journey.
- Use AI to enhance productivity across every level of the business.
About Cars24
Cars24 is an AI-native automotive ecosystem operating across India, Australia, and the UAE. Beyond buying and selling cars, Cars24 is building infrastructure for vehicle ownership across financing, insurance, vehicle information, and road safety.
Subsidiaries and initiatives include:
- Cars24 Financial Services
- CarInfo
- VehicleInfo
- Team-BHP
- Cars24 Labs
- Crashfree India
Mission: Better Drives, Better Lives.