Publication - Outlook Business
Edition - Online
IPO bound online used car selling and buying platform Cars24 is expected to hit profitability in the next 12-18 months and is currently planning to expand its services as it hits the milestone.
It is currently not a profitable entity and is yet to disclose its financial figures for FY24. However, as per the figures of FY23, the company’s losses stood at $168.3 million, that was a 32 per cent decline from FY22.
The start-up is now aiming to launch new products, foraying into accessories and spares, providing car insurance and car servicing among a few services, along with providing loans for buying old and new cars. Co-founder and chief marketing officer Gajendra Jangid said that the start-up is also looking at venturing into selling and financing new cars moving ahead, as it hits break even.
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