Used car retailer sells a record 220,000 vehicles in the domestic market, marking an increase of 40 percent for FY2017.
Mahindra First Choice Wheels has reported an increase of 80 percent in its transaction revenues in FY2017, a year which also saw the company expand its dealer network by 65 percent to 1,200 franchisees in 650 towns in India.
Following strong growth in its technology enabled business that includes auctions, inspections and price valuations, the company reported growth of over 200 percent on the back of high customer adoption to technology and launch of new products and services.
Commenting on the results, Anand Mahindra, executive chairman, Mahindra Group, said: "It's heartening to see MFCWL's success over the years and establish itself as the leading multi-brand used car network. It was founded with a mission of addressing the needs and fear of a first-time car buyer and the company is well on its way of serving that mission."
MFCWL plans to maintain growth through network expansion and further adoption of its products and services. It is also evaluating bringing new products and innovation, some in collaboration with Cox Automotive, the global leader in automotive products and technology solutions and a strategic investor in MFCWL.
"FY2017 was a pivotal year for MFCWL in which we have proven our business model by demonstrating revenue and margin growth with profitability. We believe we have a strong sustainable business model in a challenging industry and we hope to demonstrate sustained growth performance in FY2018," said Dr Nagendra Palle, CEO and managing director, Mahindra First Choice Wheels.
The company has raised funding from Silicon Valley based Hedge Fund, Valiant Capital and Cox Automotive, a $17 billion US-based enterprise engaged in developing digital marketing, classifieds, software, wholesale and eCommerce solutions for dealers, consumers, manufacturers and financial institutions.