CosmicTaco

DriveU Turns Profitable in FY24 with 66% Revenue Growth

CosmicTaco · 2024-10-24T09:20:32.256037+05:30

- DriveU, an on-demand driver aggregator, reported a 66% revenue growth in FY24, turning profitable. - Revenue spiked to Rs 24.50 crore, up from Rs 14.75 crore in FY23, driven by increased platform revenues. - Despite revenue growth, the company focused on controlling expenses, with direct expenses rising to Rs 7.55 crore. - Profit before tax for FY24 was Rs 11.35 lakh, a significant improvement from a loss of Rs 2.29 crore in FY23. - The company's long-term borrowings decreased substantially, reflecting efforts to reduce debt and improve cash flow. Source: [Entrackr](https://entrackr.com/fintrackr/on-demand-driver-aggregator-firm-driveu-turns-profitable-in-fy24-7346451)

DriveU, an on-demand driver aggregator, reported a 66% revenue growth in FY24, turning profitable.
Revenue spiked to Rs 24.50 crore, up from Rs 14.75 crore in FY23, driven by increased platform revenues.
Despite revenue growth, the company focused on controlling expenses, with direct expenses rising to Rs 7.55 crore.
Profit before tax for FY24 was Rs 11.35 lakh, a significant improvement from a loss of Rs 2.29 crore in FY23.
The company's long-term borrowings decreased substantially, reflecting efforts to reduce debt and improve cash flow.

Source: Entrackr