Cars24 nears Rs 7,000 crore topline in FY24; net loss expands

While higher depreciation and tech investment costs pushed up the losses, Ruchit Agarwal, cofounder and CFO of the SoftBank-backed used car platform, said technology improvement has helped increase user conversion. Cars24, which counts Spinny, CarTrade Tech and CarDekho among its chief competitors, is eyeing better margins from growth in its ancillary businesses.