Used-car platform Cars24 achieved a transaction gross merchandise value (GMV) of ₹937 crore in August, marking a significant 37% year-on-year (YoY) increase. This figure also represents an 11.1% rise month-on-month (MoM), according to internal company communications.
Strong Growth in Lending and Revenue
Cars24 continued to demonstrate robust performance across its lending and revenue streams. Loans disbursed in August soared by 70% YoY to ₹415 crore, an increase of 15.7% from July. The company's adjusted net revenue also saw a substantial 46% YoY growth, reaching ₹173 crore, and a 16.4% MoM increase.
Furthermore, Cars24 reported a positive EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of ₹0.7 crore for August. The platform processed over 5.4 lakh total transactions during the month, with peak periods recording as many as one transaction per second.
India and International Expansion Drive Performance
India remains a pivotal growth engine for Cars24. Inspections reached an all-time high in August, climbing 32% YoY, while the country's overall GMV expanded by 38% YoY. The company also observed an increased share from its consumer business within India.
Internationally, Cars24's operations continued their expansion. In Australia, the business is growing at approximately 30%, with electric vehicles (EVs) now constituting about 25% of its local business. The UAE market also maintained profitability in August as the company focused on scaling its operations, achieving an estimated 7% share of the used-car market in the region.
AI Integration Boosts Productivity
Cars24 highlighted the increasing role of artificial intelligence (AI) across its operations. Revenue per full-time employee (FTE) improved by 52.3% YoY. The company's reliance on AI-assisted code writing rose to 92%, with code review reaching 100% AI integration.
In August alone, Cars24 developed 128 micro-agents across various organizational functions, including problem-to-people mapping, agent deployment, memory management, and compliance. This strategic focus on AI and operational efficiency underpins the company's continued efforts to scale its core used-car business while expanding lending, international presence, and AI-driven productivity initiatives.