Online classified marketplace OLX has emerged as one of the few internet companies in India to achieve profitability. And it continues to grow in profit and revenue with every passing year.
The Naspers-owned classified major has posted a revenue of Rs 400 crore, which is about 123% increase from a year-ago period, in the fiscal year ended March 2019. According to RoC filings, the company witnessed about a 49% rise in profit to Rs 23.2 crore during the same period from Rs 15.6 crore in FY 2018.
Meanwhile, online classified marketplace expenses also climbed up to Rs 365.8 crore, which is about 135% rise from last year figure.
This year the company’s purchase of stock in trade saw huge inflow of capital, close to Rs 184 crore from 3.29 crore last year.
OLX has been profitable for the last three fiscal years. Last time it posted loss was in March 2016, where the company had reported a loss of Rs 2.1 crore. In the next fiscal year, the Gurugram-based firm reported a profit of Rs 8 crore on revenue of Rs 92.5 crore.
In FY 18, it posted revenue of Rs 179 crore and profit over Rs 15.6 crore.
OLX claims to have registered significant growth for the listings of Unboxed cars in metro cities. Two of the highest-selling categories on the platform are Auto and Smartphones.
In India, OLX majorly competes with Quikr, which is yet to turn profitable.
To command lead over its competitor, OLX has forayed into the offline segment in used car vertical and had opened three stores in Gurugram in sector 14, 17 and Golf Course Extension Road. It has close to 69 Cash My Car stores and plans to set up 150 such outlets in 40 cities across India by 2021.
In the last few years, OLX has been expanding aggressively. It claims to command 85% and 80% market share in C2C classified and pre-owned automobile space respectively. Olx claims about 4.5 million DAU on its platform.
In January this year, OLX had acquired Aasaanjobs, a recruitment marketplace mainly for entry-level and blue-collar job segments, to bolster its online job search vertical.