If we look at the fiscal year ended March 31, 2023, it was the year of transitioning from asset-heavy rental car model to peer-to-peer car sharing marketplace model.

And, in the beginning of the fiscal year ended March 31, 2024, we had positioned it as the year of optimization driven by technology and operational efficiency.

As we delve into Zoomcar Holdings Inc.’s annual report for fiscal year ended March 31, 2024, we would like to highlight the significant strides made by us in improving our financial performance:

1. Revenue Growth: Our net revenue increased by 12% from $8.83 million in fiscal year ended March 31, 2023 to $9.90 million in fiscal year ended March 31, 2024. This is a positive sign of our successful transition to a peer to peer car sharing marketplace.
2. Cost Optimization Efforts: We successfully reduced our cost of revenue by 50%, from $20.68 million in fiscal year ended March 31, 2023 to $10.33 million in fiscal year ended March 31, 2024. This significant reduction was a result of broad-based cost optimization initiatives driven by technology and product. One example is a tighter Guest verification process which uses multiple inputs from Aadhar, driving license and selfie authentication. This has led to reduction in late return and accidents.
3. Reduction in adjusted EBITDA: Our adjusted EBITDA improved from a loss of $32.11 million in fiscal year ended March 31, 2023 to a loss of $17.85 million in fiscal year ended March 31, 2024​. This reduction is a testament to the company’s effective cost management strategies and our focus on achieving operational efficiencies.
4. Platform quality continues to improve at a steady pace: The platform’s average Guest trip rating was 4.16 in Q1 of fiscal year ended March 31, 2023 and we ended Q4 of fiscal year ended March 31, 2023 at 4.66. This clearly demonstrates that our product focused approach to the customer experience on the Zoomcar platform is continuing to pay dividends. A constant focus on building tools to better improve in-trip communication between Guests and Hosts represented a noticeable step function improvement in the overall in-trip experience for both sets of customers on the platform.

Together as a team, we are working towards making the fiscal year ending March 31, 2025 a year of sustainable growth and profitability. Under the new leadership team, we are committed to becoming a customer obsessed company for our Hosts and Guests.

For a detailed look at the financials and more insights, you can access the full annual report here.

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Hiroshi Nishijima
CEO, Zoomcar