Cars24’s August GMV rises 37% to ₹937 crore; EBITDA turns positive
Cars24 reported adjusted net revenue of ₹173 crore, up 46% year-on-year, and positive EBITDA of ₹0.7 crore in August versus a ₹14 crore loss in July. Loan disbursals grew 70% year-on-year to ₹415 crore.
What happened
Cars24 reported August GMV of ₹937 crore and adjusted net revenue of ₹173 crore, with both accelerating year-on-year. The used-car platform returned to positive
Key facts
- August transaction GMV: ₹937 crore, up 37% year-on-year and 11.1% month-on-month
- Annualised GMV run-rate: around ₹11,000 crore
- Adjusted net revenue: ₹173 crore, up 46% year-on-year and 16.4% month-on-month
- Annualised adjusted net-revenue run-rate: over ₹2,000 crore
- EBITDA: positive ₹0.7 crore in August versus ₹14 crore loss in July
- Loan disbursements: ₹415 crore, up 70% year-on-year and 15.7% month-on-month
- Annualised lending run-rate: around ₹5,000 crore
- India inspections: up 32% year-on-year; India GMV up 38%
- Vehicle-ownership-service transactions: over 540,000
- Australia business growth: around 30%; EVs: roughly 25% of business
- UAE used-car market share: around 7%
- Revenue per employee: up 52.3% year-on-year
- AI writes 90% of company code
Why this matters
Cars24’s accelerating GMV, embedded financing growth and newly positive EBITDA make it a more credible strategic partner or acquisition target in India’s digital auto ecosystem.
What to watch
- Whether EBITDA remains positive for at least two to three consecutive months rather than reverting after seasonal demand changes.
- GMV growth relative to adjusted net revenue growth, indicating whether monetization and take rates are holding.
- Loan disbursal growth, approval rates, delinquencies and funding costs.
- Used-car inventory days, gross margin per unit and discounting intensity.
- Competitive financing offers and dealer buyback pricing from organized used-car rivals.
- Scale used-car financing and cross-sell warranties, insurance and after-sales products to lift revenue per transaction.
- Prioritize inventory velocity and regional mix optimization to prevent working-capital expansion from absorbing EBITDA gains.
- Use the positive EBITDA milestone to improve lender terms and reduce cost of capital for vehicle inventory and loan partnerships.
- Increase scrutiny of loan approval quality, delinquency trends and collection performance as disbursals accelerate.