Cars24 annualised GMV crosses Rs 11,000 crore as AI boosts profitable growth

GURUGRAM: Cars24’s annualised transaction gross merchandise value (GMV) has crossed Rs 11,000 crore after the used-car platform recorded Rs 937 crore in GMV in August, up 37 per cent year-on-year and 11.1 per cent month-on-month.

Adjusted net revenue grew faster than GMV, rising 46 per cent year-on-year and 16.4 per cent month-on-month to Rs 173 crore in August. This puts the company’s annualised adjusted net revenue run rate at more than Rs 2,000 crore.

Cars24 remained EBITDA-positive during the month, while the faster growth in adjusted net revenue reflects its expanding role across the vehicle ownership journey, including financing, insurance, vehicle information and other ownership services.

The company disbursed Rs 415 crore in loans in August, up 70 per cent year-on-year and 15.7 per cent month-on-month, taking its annualised lending run rate to around Rs 5,000 crore.

Cars24 also recorded more than 5.4 lakh transactions across its vehicle ownership services, with peak days seeing one transaction completed every second.

Cars24 chief financial officer Shivanshu Makkar said the company is focused on improving efficiency as it scales, with technology increasingly contributing to productivity and value addition across the business.

In India, Cars24 recorded its highest-ever number of inspections in August, rising 32 per cent year-on-year, while overall GMV increased 38 per cent. The consumer business also continued to account for a larger share of the company’s mix.

Its Australia business maintained growth of around 30 per cent, with electric vehicles accounting for roughly 25 per cent of the business. In the UAE, Cars24 remained profitable and strengthened its position to approximately 7 per cent of the used-car market.

AI continued to play a role in improving operating leverage. Revenue per full-time employee increased 52.3 per cent year-on-year, while AI now generates 90 per cent of the company’s code and AI review coverage has reached 100 per cent.

The company said its return on AI-token spend remained above 2.7 times. During August, Cars24 teams also created 128 micro-agents across the organisation for different operational and technology use cases.

These include Atlas for problem-to-people mapping, AIRO for agent deployment and Chronicle as a memory engine, supported by the expertise of Deployment Inc.

Cars24 said its focus remains on growing net revenue faster than costs, expanding its role across the vehicle ownership journey and using AI to improve productivity as the business scales.

The latest numbers point to a shift in Cars24’s growth strategy, with the company looking beyond vehicle transactions to build a broader, technology-led ownership ecosystem while maintaining profitability.