Gurugram, Sept 11: Cars24 recorded a strong August, with transaction GMV reaching ₹937 crore, up 37% year-on-year and 11.1% month-on-month. This takes the company to an annualised GMV run rate of approximately ₹11,000 crore.
More importantly, adjusted net revenue grew faster than the transactions flowing through the platform. Adjusted net revenue reached ₹173 crore in August, up 46% year-on-year and 16.4% month-on-month, putting Cars24 at an annualised run rate of over ₹2,000 crore.
That gap matters. It reflects the evolution of Cars24 from a platform that helped people buy and sell cars into one that increasingly earns across the ownership journey: financing, insurance, vehicle information and other ownership services. The company remained EBITDA-positive in August.
Cars24 also disbursed ₹415 crore in loans during the month, up 70% year-on-year and 15.7% month-on-month, taking its annualised lending run rate to approximately ₹5,000 crore. Total transactions crossed 5.4 lakh for vehicle ownership services, with peak days seeing one transaction completed every second.
“Growth is useful only when it becomes more efficient as it scales and comes through more value addition for the customers,” said Shivanshu Makkar, Chief Financial Officer, Cars24. “In August, we grew GMV, grew net revenue faster than GMV, stayed profitable and did it without having to build a matching cost base. That is the model we are building: a much larger ownership business, with technology doing more of the work every month.”
In India, Cars24 recorded its highest-ever inspections in August, up 32% year-on-year, while overall GMV grew 38% year-on-year. The consumer business continued to increase as a share of the mix.
Australia maintained growth of approximately 30%, with electric vehicles now contributing roughly 25% of the business. In the UAE, Cars24 remained profitable and strengthened its position to approximately 7% of the used-car market.
AI continued to be a meaningful driver of operating leverage. Revenue per FTE increased 52.3% year-on-year. AI now writes 90% of code across the company, while AI review coverage has reached 100%. The return on AI-token spend remained above 2.7x.
During August alone, Cars24 teams created 128 micro-agents across the organisation, including Atlas for problem-to-people mapping, AIRO for agent deployment, Chronicle as a memory engine and backed by the expertise of Deployment inc.
The company’s focus remains straightforward: grow net revenue faster than costs, deepen its role in the vehicle-ownership journey, and use AI to make the business meaningfully more productive at every level.