India-based Droom Technologies, the e-commerce portal for sale of pre-owned and new cars, reported a higher net loss of R3.7 crore ($747,400AUD) during FY16 compared to R2.2 crore ($444,400AUD) in the previous year, Sandeep Aggarwal, founder and CEO of Droom told Financial Express.
This financial year the portal has been experimenting with monetisation opportunities from its fintech business with insurance, loans and warranty. For the current fiscal (FY17) the company is expected to earn R65-70 crore in revenue but its losses are set to increase by 50% to R5.5 crore due to a major expansion exercise undertaken.
But Aggarwal said that the company will be fully profitable between November 2017 to February 2018. “By March 2017 we will earn about R3,000 crore in GMV and between R3,500-4,000 by December 2017,” he said.