Zoomcar’s profit shrinks 54%, total income grows 100% in FY22
- ByStartupStory | January 30, 2023
Zoomcar’s net profit fell 54% for the fiscal year ended March 31, 2022, despite a 100% increase in total income.
The car-sharing marketplace earned Rs 74 crore in net profit for FY 2021-22, down from Rs 160 crore the previous year. According to the company’s RoC filing, its total income increased to Rs 230 crore from Rs 113 crore in FY 2020-21.
According to the filing, the company’s employee expenses increased to Rs 119 crore in FY22, up from Rs 75 crore in FY21. In FY22, the company paid Rs 214 crore of its total indebtedness of Rs 370 crore, including interest, with Rs 156 crore still outstanding.
The Bengaluru-based company allows car owners to earn additional passive income by hosting their vehicles on its technology-driven platform. Zoomcar, which was founded in 2013, now employs over 300 people in 50 cities across India, Indonesia, Vietnam, and Egypt.
Currently, India accounts for 90% of Zoomcar’s revenue. Since its inception, the company claims to have processed over 7 million transactions in the country. It claims to have over 20,000 vehicles running on its platform in India, Southeast Asia, and Egypt.
Uri Levine, the co-founder of Waze and Moovit, is currently the chairman of Zoomcar’s board of directors. Ashu Singhal was appointed as the company’s chief technology and product officer earlier this year.
The company recently announced a partnership with Statiq, a homegrown electric vehicle (EV) charging network startup, to accelerate EV-based travel in the country. This agreement allows EV owners to earn extra money by hosting their vehicles on Zoomcar.
Zoomcar intends to go public through a merger with the special-purpose acquisition firm Innovative International Acquisition Corporation.
Zoomcar and Innovative’s boards of directors have approved the business merger, which is expected to be completed in the first half of 2023. The combined company, Zoomcar Holdings, will be valued at $456 million as a result of the transaction.
Zoomcar raised $40 million in early 2018, with plans to raise $92 million by November 2021.
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