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Business EconomyPosted at: Nov 14 2024 4:29PM


Zoomcar Contribution Profit at USD 1.21 Million in Q2 Vs loss of USD 0.12 Million

New Delhi, Nov 14 (UNI) Zoomcar, the leading marketplace for car sharing in India, on Thursday said its “contribution profit” reached a record high of USD 1.21 million (54% of revenue), a significant improvement from a loss of USD 0.12 million (-5%) in the same quarter last year and USD 0.46 million (20%) in the previous quarter.
Hiroshi Nishijima, CEO of Zoomcar stated, “By making customer experience our top priority, we have been able to organically boost guest repeat bookings and improve host retention. This focus has allowed us to optimize costs, particularly in marketing spend, cash incentives, and discounts, driving a significant improvement in our contribution profit.”
With a stronger contribution margin, company’s primary goal is now to grow the number of bookings by bringing in more Guests and achieving more frequent repeat usage. Despite shorter average booking durations, our contribution margin remains robust, making the total number of bookings our most critical metric, Nishijima added.
Net loss per share significantly declined for the quarter ended September 30, 2024 to USD 4.43 per share as compared to USD 2,568.82 per share during the same quarter last year, the company said in a release.
The number of bookings rose by 7%, from 97,970 in the previous quarter to 105,160, in the quarter ended September 30, 2024, driven by 1.5x increase in the guest repeat booking rate.
Cost optimization efforts resulted in a 55% reduction in repair and maintenance costs, a 52% reduction in technology expenses (such as cloud services), and an 81% decrease in marketing costs. All reductions are a comparison of the quarter ended September 30, 2024 Vs the same quarter last year.
Average Guest trip ratings saw a significant improvement, rising from 4.16 (out of 5) on March 31, 2024, to 4.70 on June 30, 2024. We are maintaining the improved ratings at 4.63 on September 30, 2024, reflecting our ongoing commitment to enhancing the customer experience, the company statement said.
Active high quality cars (with an average rating of more than 4.5 out of 5) increased by 6% from 5,516 cars for the previous quarter to 5,830 cars for the quarter ended September 30, 2024, signaling the improvement of Host retention rate.
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