DriveU Turns Profitable in FY24 with 66% Revenue Growth

• 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