Cars24 gets $44 million from Singapore parent, reports four-fold rise in losses1 min read . Updated: 06 Nov 2019, 08:35 PM IST
- Cars24 loss in FY19 widens to Rs325.6 crore from Rs79 crore a year ago
- The company announces a strategic partnership with MS Dhoni, as its brand ambassador and one of the investors
BENGALURU : Gurugram-headquartered used car company Cars24 has received a $44 million infusion from its Singapore parent, Global Car Group Pte Ltd, according to documents sourced by business information platform Paper.vc.
Last month, Cars24 said that it had raised fresh capital of $100 million in a Series D funding round. Along with its existing investors such as KCK, Agnelli (Fiat) Family and Sequoia India, the pre-owned car company also raised a part from Unbound, a global investment firm headquartered in London, and Moore Strategic Ventures, LLC, a New York-based investment firm.
Cars24 did not respond to queries.
According to the registrar of company (RoC) filings, Cars24 reported a four-fold increase in losses to Rs325.6 crore for the year ending 31 March, 2019 from Rs79.0 crore in the year-ago period.
The company posted a two-fold increase in revenues to Rs1,687.7 crore in FY2019, from Rs670 crore a year ago.
Total expenses have increased significantly from Rs748.8 crore last year to Rs2,013.3 crore in FY2019. The company spent Rs1,622.4 crore on purchases of stock-in-trade in FY2019, compared to Rs622.9 crore last year.
Gajendra Jangid, co-founder and chief marketing officer of Cars24, in a recent interview to Mint, said that the company sells 13,500 cars a month, on an average, across India. They are present in 50 cities now and plans to be in 25 more by the end of 2019.
The company also announced a strategic partnership with the former Indian cricket captain Mahendra Singh Dhoni, as its brand ambassador and one of the investors in the company.