India, Feb. 6 -- IPO-bound automobile ecommerce platform Droom reported a 35% decline in its consolidated net loss to INR 40.4 Cr in the fiscal year 2023-24 (FY24) from INR 62.1 Cr in the previous fiscal year due to lower expenses.

With the improvement in its bottom line, the Lightbox-backed company's EBITDA loss went down to INR 37.2 Cr during the year under review compared to an EBITDA loss of INR 57.3 Cr in FY23.

However, EBITDA margin fell 21 percentage points year-on-year to -44% in FY24 as Droom's top line took a hit. Its operating revenue slumped 66% to INR 85.4 Cr in the year ended March 2024 from INR 253.3 Cr in the previous fiscal year.

Founded in 2014 by Sandeep Aggarwal, Droom operates an ecommerce platform to connect used ...