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Cars24’s August GMV rises 37% to ₹937 crore; EBITDA turns positive
Our read
Cars24’s positive EBITDA can become a durable operating inflection if financing growth improves monetization without creating credit losses or inventory-led cash strain.
For operators
Cars24’s August results show stronger used-car demand and improving unit economics, with GMV up 37% year-on-year and EBITDA swinging to a ₹0.7 crore profit.
Watch
Whether EBITDA remains positive for at least two to three consecutive months rather than reverting after seasonal demand changes.
Ask next
The report,
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 EBITDA, expanded lending disbursals to ₹415 crore, and recorded its highest-ever India inspections.
- August transaction GMV
- ₹937 crore
- up up 37% year-on-year
- August adjusted net revenue
- ₹173 crore
- up up 46% year-on-year
- August loan disbursements
- ₹415 crore
- up up 70% year-on-year
- August EBITDA
- ₹0.7 crore
- up ₹14 crore loss in July
Reported figures
From the report. Source details below
| 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 |
Also in the report
- AI writes 90% of company code
Why it matters to operators
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 next
- 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.
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- 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.
The counter-case
The case against this reading — not reported by the source.
The headline rests on a single month and a very thin ₹0.7 crore EBITDA profit after a ₹14 crore loss in July, so normal pricing, reconditioning, marketing, warranty, or credit-cost volatility could quickly reverse profitability. GMV and loan disbursal growth do not necessarily translate into durable contribution margins, particularly if growth has been supported by discounts, inventory turnover pressure, or higher-risk financing.