THC Science

CARS24 Services Private Limited
Company type	Private
Industry	Used cars
Founded	2015; 9 years ago
Headquarters	Gurgaon, Haryana, India
Area served	India; Thailand; Australia; UAE
Key people	Vikram Chopra; Gajendra Jangid; Ruchit Agarwal; Mehul Agarwal;
Services	Car sales; Resale Paperwork; Loans;
Revenue	₹5,535 crore (US$690 million) (FY23)
Net income	₹−468 crore (US$−59 million) (FY23)
Number of employees	6,000+ (2023)
Subsidiaries	Cars24 Financial Services
Website	cars24.com

CARS24 is an Indian multinational online used car marketplace headquartered in Gurgaon.^[3] The company is considered among the four major organised players in the used car segment in India.^[4]

History[edit]

CARS24 was founded in 2015 by Vikram Chopra, Mehul Agrawal, Gajendra Jangid and Ruchit Agarwal as a platform to buy and sell used cars.^[5] In 2021, the company expanded its operations internationally in several countries, including the United Arab Emirates, Thailand and Australia.^[6]

The CARS24 platform facilitates the transaction and has an offline presence.^[7] Apart from selling used cars, the company's services include paperwork such as transferring the car to the name of the new owner which enables end-to-end transactions and offers an online auction platform to businesses looking to sell their pre-owned cars.^[8] In 2019, the company started offering verified used cars where the company offered a buyback guarantee on the vehicles verified by inspection.^[9]

The company operates 202 branches across 73 cities in India as of 2019.^[10] Apart from its own branches, the company has a tie-up with more than 10,000 channel partners across 230 cities in India.^[8] The company touched 150,000 annual car sales in 2019.^[5]

Old logo of CARS24

In May 2020, the company launched CARS24 Moto.^[11] Cars24 Moto is a service which allows customers to sell used two-wheelers such as motorbikes, mopeds and scooters on its platform. It also launched a service offering vehicles inspection services at the customers location in place of their branch.^[12]^[13]

Funding and endorsements[edit]

CARS24 raised US$50 million in Series A and Series B rounds combined. In 2018, it raised a further US$50 million in Series C round of funding.^[14]

CARS24 raised US$100 million in a Series D round of funding in 2019. Investors in the company include Sequoia Capital, Exor Seeds, partners of DST Global, Kingsway Capital, KCK and Unbound and Moore Strategic Ventures.^[15] As a part of the series D round of funding, the company received an investment from cricketer Mahendra Singh Dhoni, who simultaneously became the company's brand ambassador.^[16] Cars24 raised US$200 million in Series E round of funding in 2020 and became a unicorn startup as it was valued at over a $1 billion.^{[citation needed]}

Apart from Dhoni, actors Boman Irani,^[17] Mandira Bedi and Nawazuddin Siddiqui have endorsed the company in commercial advertisements.^[18]

Cars24 became the primary and front-of-shirt sponsor of Sunrisers Hyderabad (SRH) for 2022 Indian Premier League. Cars24's sponsorship of SRH marks the first time that a company from the second-hand cars category has sponsored an IPL team.^[19]

Subsidiaries[edit]

The company established Cars24 Financial Services as a subsidiary in 2019.^[20] The company received an NBFC license from Reserve Bank of India in July 2019.^[21] Cars24 Financial Services provides consumer loan facilities to car dealers and end customers in the used car segment across 50 cities in India.^[20] In 2019-20 the company claimed to have disbursed loans worth ₹400 crore (equivalent to ₹497 crore or US$62 million in 2023).^[22]

References[edit]

^ "Cars24 to reduce burn rate further, target 'sustainable growth'". The Economic Times. Retrieved 31 December 2022.
^ ^a ^b ^c "Cars24 registered marginal growth in revenues in FY23". Moneycontrol. 30 October 2023. Retrieved 3 November 2023.
^ Gooptu, Biswarup (14 May 2019). "Cars24 set to pick up $80 million from backers". The Economic Times. Retrieved 10 July 2020.
^ "Mahindra First Choice plans to have 1,300 dealerships by Mar". Outlook India. PTI. Retrieved 10 July 2020.
^ ^a ^b Chowdhary, Sudhir (29 July 2019). "Cars 24: Now buy and sell used cars sans any hassles". The Financial Express. Retrieved 10 July 2020.
^ "CARS24 Eyes $2 Bn In Revenue By FY23 On Back Of International Expansion, Financing Services". Inc42 Media. 6 January 2022. Retrieved 21 January 2022.
^ Ghaswalla, Amrita Nair (20 February 2017). "A new turn to used-car sales". The Hindu Business Line. Retrieved 14 July 2020.
^ ^a ^b Mukul, Jyoti (28 June 2020). "Used auto startup CARS24 develops vehicle matching app for dealers". Business Standard India. Retrieved 10 July 2020.
^ "Consumers Can now Buy Cars from CARS24". Business World India. Retrieved 10 July 2020.
^ "The One Who Solves Supply Shall Create The Biggest Auto Company In India Vikram Chopra CARS24". Business World India. Retrieved 10 July 2020.
^ Chaudhary, Vikram (22 June 2020). "Cars24's two-wheeler vertical to be called Cars24 Moto: 200+ bikes, scooters sold post lockdown". The Financial Express. Retrieved 14 July 2020.
^ "CARS24 introduces pre-owned two-wheeler sales on its platform". Outlook India. PTI. Retrieved 10 July 2020.
^ Singh, Rajiv. "Cover Story: How Covid-19 Has Forced A Clutch Of Startups To Pivot". Forbes India. Retrieved 10 July 2020.
^ Srinivasan, Supraja; Gooptu, Biswarup (18 July 2018). "CARS24 tanks up for a Rs 340 crore ride". The Economic Times. Retrieved 10 July 2020.
^ Gooptu, Biswarup (18 October 2019). "Cars24 has closed $100 million in Series D funding". The Economic Times. Retrieved 10 July 2020.
^ "MS Dhoni invests in CARS24, roped in as brand ambassador". The Indian Express. PTI. 13 August 2019. Retrieved 10 July 2020.
^ Tanwar, Sangeeta (20 July 2017). "Selling a used car made easy". Business Standard India. Retrieved 10 July 2020.
^ "Cars24 appoints Hypersonic to lead new marketing campaign". ANI News. ANI. Retrieved 10 July 2020.
^ "Sunrisers Hyderabad names Cars24 as principal sponsor". SportsMint Media. 9 February 2022. Retrieved 25 April 2022.
^ ^a ^b "Cars 24 gets NBFC licence". The Financial Express. 26 July 2019. Retrieved 10 July 2020.
^ "New consumer lending business key growth driver: Cars24". The New Indian Express. 24 September 2019. Retrieved 14 July 2020.
^ Mathur, Nandita (9 July 2020). "Cars24 Financial Services raises ₹10 crore in first debt funding". Livemint. Retrieved 10 July 2020.

[1] "Cars24 to reduce burn rate further, target 'sustainable growth'". The Economic Times. Retrieved 31 December 2022.

[fy23-2] "Cars24 registered marginal growth in revenues in FY23". Moneycontrol. 30 October 2023. Retrieved 3 November 2023.

[gurgaon-3] Gooptu, Biswarup (14 May 2019). "Cars24 set to pick up $80 million from backers". The Economic Times. Retrieved 10 July 2020.

[major_players-4] "Mahindra First Choice plans to have 1,300 dealerships by Mar". Outlook India. PTI. Retrieved 10 July 2020.

[sales-5] Chowdhary, Sudhir (29 July 2019). "Cars 24: Now buy and sell used cars sans any hassles". The Financial Express. Retrieved 10 July 2020.

[6] "CARS24 Eyes $2 Bn In Revenue By FY23 On Back Of International Expansion, Financing Services". Inc42 Media. 6 January 2022. Retrieved 21 January 2022.

[facilitating_transactions-7] Ghaswalla, Amrita Nair (20 February 2017). "A new turn to used-car sales". The Hindu Business Line. Retrieved 14 July 2020.

[other_services-8] Mukul, Jyoti (28 June 2020). "Used auto startup CARS24 develops vehicle matching app for dealers". Business Standard India. Retrieved 10 July 2020.

[verified-9] "Consumers Can now Buy Cars from CARS24". Business World India. Retrieved 10 July 2020.

[reach-10] "The One Who Solves Supply Shall Create The Biggest Auto Company In India Vikram Chopra CARS24". Business World India. Retrieved 10 July 2020.

[CARS24_moto-11] Chaudhary, Vikram (22 June 2020). "Cars24's two-wheeler vertical to be called Cars24 Moto: 200+ bikes, scooters sold post lockdown". The Financial Express. Retrieved 14 July 2020.

[bikes-12] "CARS24 introduces pre-owned two-wheeler sales on its platform". Outlook India. PTI. Retrieved 10 July 2020.

[home_inspection-13] Singh, Rajiv. "Cover Story: How Covid-19 Has Forced A Clutch Of Startups To Pivot". Forbes India. Retrieved 10 July 2020.

[series_c-14] Srinivasan, Supraja; Gooptu, Biswarup (18 July 2018). "CARS24 tanks up for a Rs 340 crore ride". The Economic Times. Retrieved 10 July 2020.

[series_d-15] Gooptu, Biswarup (18 October 2019). "Cars24 has closed $100 million in Series D funding". The Economic Times. Retrieved 10 July 2020.

[dhoni-16] "MS Dhoni invests in CARS24, roped in as brand ambassador". The Indian Express. PTI. 13 August 2019. Retrieved 10 July 2020.

[boman_irani-17] Tanwar, Sangeeta (20 July 2017). "Selling a used car made easy". Business Standard India. Retrieved 10 July 2020.

[mandira_bedi_nawazuddin_siddiqui-18] "Cars24 appoints Hypersonic to lead new marketing campaign". ANI News. ANI. Retrieved 10 July 2020.

[19] "Sunrisers Hyderabad names Cars24 as principal sponsor". SportsMint Media. 9 February 2022. Retrieved 25 April 2022.

[launch_financial_services-20] "Cars 24 gets NBFC licence". The Financial Express. 26 July 2019. Retrieved 10 July 2020.

[nbfc-21] "New consumer lending business key growth driver: Cars24". The New Indian Express. 24 September 2019. Retrieved 14 July 2020.

[financial_services-22] Mathur, Nandita (9 July 2020). "Cars24 Financial Services raises ₹10 crore in first debt funding". Livemint. Retrieved 10 July 2020.

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@@ Line 1: / Line 1: @@
 {{short description|Online used car marketplace}}
+{{Use dmy dates|date=January 2023}}
+{{Use Indian English|date=January 2023}}
 {{Infobox company
 | name = CARS24 Services Private Limited
+| logo = Cars24logo.png
+| logo_caption =
 | type = [[Private company|Private]]
 | foundation = {{start date and age|2015}}
+| area_served = India<br />Thailand<br />Australia<br />UAE<ref>{{cite news |title=Cars24 to reduce burn rate further, target 'sustainable growth' |url=https://economictimes.indiatimes.com/tech/startups/cars24-to-reduce-burn-rate-further-target-sustainable-growth/articleshow/96033010.cms |access-date=31 December 2022 |work=The Economic Times}}</ref>
-| area_served = [[India]]<br>[[Australia]]<br>[[UAE]]
-| location_city = [[Gurugram]], [[Haryana]]
+| location_city = [[Gurgaon]], [[Haryana]]
-| hq_location_country = [[India]]
+| hq_location_country = India
 | key_people = {{Unbulleted list| Vikram Chopra|Gajendra Jangid|Ruchit Agarwal|Mehul Agarwal}}
+| revenue = {{increase}} {{INRConvert|5535|c|lk=on}} (FY23)<ref name="fy23"/>
-| revenue = {{increase}} {{INRConvert|1688|c}}<ref name="2019 revenue">{{cite news |last1=Vankipuram |first1=Meera |title=Cars24 gets $44 million from Singapore parent, reports four-fold rise in losses |url=https://www.livemint.com/companies/start-ups/cars24-gets-44-million-from-singapore-parent-reports-four-fold-rise-in-losses-11573051543744.html |accessdate=20 July 2020 |work=Livemint |date=6 November 2019 |language=en}}</ref>
+| net_income = {{decrease}} {{INRConvert|-468|c|lk=on}} (FY23)<ref name="fy23">{{cite news |title=Cars24 registered marginal growth in revenues in FY23 |url=https://www.moneycontrol.com/news/business/earnings/cars24-registered-marginal-growth-in-revenues-in-fy23-losses-widened-11623181.html |access-date=3 November 2023 |work=Moneycontrol |date=30 October 2023 |language=en}}</ref>
-| revenue_year = 2019
-| industry = [[Used Car]]s
+| industry = [[Used car]]s
 | services = {{Unbulleted list|Car sales|Resale Paperwork|Loans}}
+| num_employees = 6,000+ (2023)<ref name="fy23"/>
-| subsid = Cars24 Financial Services Private Limited
+| subsid = Cars24 Financial Services
 | homepage = {{URL|https://www.cars24.com/|cars24.com}}
 }}
-'''CARS24''' is an online [[used car]] marketplace that is headquartered in [[Gurugram]], [[Haryana]], [[India]].<ref name="gurgaon">{{cite news |last1=Gooptu |first1=Biswarup |title=Cars24 set to pick up $80 million from backers |url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/cars24-set-to-pick-up-80-million-from-backers/articleshow/69317411.cms?from=mdr |accessdate=10 July 2020 |work=The Economic Times |date=14 May 2019}}</ref> The company sells more than 1,50,000 cars annually.<ref name="sales">{{cite news |last1=Chowdhary |first1=Sudhir |title=Cars 24: Now buy and sell used cars sans any hassles |url=https://www.financialexpress.com/industry/sme/cars-24-now-buy-and-sell-used-cars-sans-any-hassles/1658946/ |accessdate=10 July 2020 |work=The Financial Express |date=29 July 2019}}</ref> The company is considered among the four major organized players in the used car segment in India.<ref name="major players">{{cite news |title=Mahindra First Choice plans to have 1,300 dealerships by Mar |url=https://www.outlookindia.com/newsscroll/mahindra-first-choice-plans-to-have-1300-dealerships-by-mar/1883111 |accessdate=10 July 2020 |work=Outlook India |agency=PTI}}</ref>
+'''CARS24''' is an Indian multinational online [[used car]] marketplace headquartered in [[Gurgaon]].<ref name="gurgaon">{{cite news |last1=Gooptu |first1=Biswarup |title=Cars24 set to pick up $80 million from backers |url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/cars24-set-to-pick-up-80-million-from-backers/articleshow/69317411.cms?from=mdr |access-date=10 July 2020 |work=The Economic Times |date=14 May 2019}}</ref> The company is considered among the four major organised players in the used car segment in [[India]].<ref name="major players">{{cite news |title=Mahindra First Choice plans to have 1,300 dealerships by Mar |url=https://www.outlookindia.com/newsscroll/mahindra-first-choice-plans-to-have-1300-dealerships-by-mar/1883111 |access-date=10 July 2020 |work=Outlook India |agency=PTI}}</ref>
 ==History==
-Cars24 was founded in 2015 by Vikram Chopra, Mehul Agrawal, Gajendra Jangid and Ruchit Agarwal as a platform to buy and sell used cars.<ref name="sales"/> In 2021, the company expanded operations internationally in several countries, including the [[United Arab Emirates]] and [[Australia]].
+CARS24 was founded in 2015 by Vikram Chopra, Mehul Agrawal, Gajendra Jangid and Ruchit Agarwal as a platform to buy and sell used cars.<ref name="sales"/> In 2021, the company expanded its operations internationally in several countries, including the [[United Arab Emirates]], [[Thailand]] and [[Australia]].<ref>{{Cite web|date=2022-01-06|title=CARS24 Eyes $2 Bn In Revenue By FY23 On Back Of International Expansion, Financing Services|url=https://inc42.com/buzz/cars24-eyes-2-bn-in-revenue-by-fy23-on-back-of-international-expansion-financing-services/|access-date=2022-01-21|website=Inc42 Media|language=en-US}}</ref>
-The Cars24 platform facilitates the transaction and has an offline presence.<ref name="facilitating transactions">{{cite news |last1=Ghaswalla |first1=Amrita Nair |title=A new turn to used-car sales |url=https://www.thehindubusinessline.com/specials/emerging-entrepreneurs/a-new-turn-to-usedcar-sales/article9552050.ece |accessdate=14 July 2020 |work=The Hindu Business Line |date=20 February 2017 |language=en}}</ref> Apart from selling used cars, the company's services include paperwork such as transferring the car to the name of the new owner which enables end-to-end transactions and offers an online auction platform to businesses looking to sell their pre-owned cars.<ref name="other services">{{cite news |last1=Mukul |first1=Jyoti |title=Used auto startup Cars24 develops vehicle matching app for dealers |url=https://www.business-standard.com/article/companies/used-auto-dealer-cars24-develops-vehicle-matching-app-to-clear-unsold-stock-120062800493_1.html |accessdate=10 July 2020 |work=Business Standard India |date=28 June 2020}}</ref> In 2019 the company started offering verified used cars where the company offered a buyback guarantee on the vehicles verified by inspection.<ref name="verified">{{cite news |title=Consumers Can now Buy Cars from CARS24 |url=http://bwdisrupt.businessworld.in/article/Consumers-Can-now-Buy-Cars-from-CARS24/16-12-2019-180527/ |accessdate=10 July 2020 |work=Business World India |language=en}}</ref>
+The CARS24 platform facilitates the transaction and has an offline presence.<ref name="facilitating transactions">{{cite news |last1=Ghaswalla |first1=Amrita Nair |title=A new turn to used-car sales |url=https://www.thehindubusinessline.com/specials/emerging-entrepreneurs/a-new-turn-to-usedcar-sales/article9552050.ece |access-date=14 July 2020 |work=The Hindu Business Line |date=20 February 2017 |language=en}}</ref> Apart from selling used cars, the company's services include paperwork such as transferring the car to the name of the new owner which enables end-to-end transactions and offers an online auction platform to businesses looking to sell their pre-owned cars.<ref name="other services">{{cite news |last1=Mukul |first1=Jyoti |title=Used auto startup CARS24 develops vehicle matching app for dealers |url=https://www.business-standard.com/article/companies/used-auto-dealer-cars24-develops-vehicle-matching-app-to-clear-unsold-stock-120062800493_1.html |access-date=10 July 2020 |work=Business Standard India |date=28 June 2020}}</ref> In 2019, the company started offering verified used cars where the company offered a buyback guarantee on the vehicles verified by inspection.<ref name="verified">{{cite news |title=Consumers Can now Buy Cars from CARS24 |url=http://bwdisrupt.businessworld.in/article/Consumers-Can-now-Buy-Cars-from-CARS24/16-12-2019-180527/ |access-date=10 July 2020 |work=Business World India |language=en}}</ref>
-The company operates 202 branches across 73 cities in India as of 2019.<ref name="reach">{{cite news |title=The One Who Solves Supply Shall Create The Biggest Auto Company In India Vikram Chopra CARS24 |url=http://bwdisrupt.businessworld.in/article/The-One-Who-Solves-Supply-Shall-Create-The-Biggest-Auto-Company-In-India-Vikram-Chopra-CARS24/15-06-2020-287427/ |accessdate=10 July 2020 |work=Business World India |language=en}}</ref> Apart from its own branches, the company has a tie up with more than 10,000 channel partners across 230 cities in India.<ref name="other services"/>
+The company operates 202 branches across 73 cities in India as of 2019.<ref name="reach">{{cite news |title=The One Who Solves Supply Shall Create The Biggest Auto Company In India Vikram Chopra CARS24 |url=http://bwdisrupt.businessworld.in/article/The-One-Who-Solves-Supply-Shall-Create-The-Biggest-Auto-Company-In-India-Vikram-Chopra-CARS24/15-06-2020-287427/ |access-date=10 July 2020 |work=Business World India |language=en}}</ref> Apart from its own branches, the company has a tie-up with more than 10,000 channel partners across 230 cities in India.<ref name="other services"/> The company touched 150,000 annual car sales in 2019.<ref name="sales">{{cite news |last1=Chowdhary |first1=Sudhir |title=Cars 24: Now buy and sell used cars sans any hassles |url=https://www.financialexpress.com/industry/sme/cars-24-now-buy-and-sell-used-cars-sans-any-hassles/1658946/ |access-date=10 July 2020 |work=The Financial Express |date=29 July 2019}}</ref>
+[[File:CARS24 Official New Logo.png|thumb|Old logo of CARS24]]
-In May 2020 the company launched Cars24 Moto.<ref name="cars24 moto">{{cite news |last1=Chaudhary |first1=Vikram |title=Cars24’s two-wheeler vertical to be called Cars24 Moto: 200+ bikes, scooters sold post lockdown |url=https://www.financialexpress.com/auto/car-news/cars24s-two-wheeler-vertical-to-be-called-cars24-moto-200-used-pre-owned-second-hand-bikes-scooters-sold-post-lockdown/1999210/ |accessdate=14 July 2020 |work=The Financial Express |date=22 June 2020}}</ref> Cars24 Moto is a service which allows customers to sell used two wheelers such as [[motorbike]]s, [[moped]]s and [[scooter (motorcycle)|scooter]]s on its platform. It also launched a service offering vehicles inspection services at the customers location in place of their branch.<ref name="bikes">{{cite news |title=CARS24 introduces pre-owned two-wheeler sales on its platform |url=https://www.outlookindia.com/newsscroll/cars24-introduces-preowned-twowheeler-sales-on-its-platform/1839408 |accessdate=10 July 2020 |work=Outlook India |agency=PTI}}</ref><ref name="home inspection">{{cite news |last1=Singh |first1=Rajiv |title=Cover Story: How Covid-19 Has Forced A Clutch Of Startups To Pivot |url=https://www.forbesindia.com/article/coronavirus/cover-story-how-covid19-has-forced-a-clutch-of-startups-to-pivot/60163/1 |accessdate=10 July 2020 |work=Forbes India |language=en}}</ref>
+In May 2020, the company launched CARS24 Moto.<ref name="CARS24 moto">{{cite news |last1=Chaudhary |first1=Vikram |title=Cars24's two-wheeler vertical to be called Cars24 Moto: 200+ bikes, scooters sold post lockdown |url=https://www.financialexpress.com/auto/car-news/cars24s-two-wheeler-vertical-to-be-called-cars24-moto-200-used-pre-owned-second-hand-bikes-scooters-sold-post-lockdown/1999210/ |access-date=14 July 2020 |work=The Financial Express |date=22 June 2020}}</ref> Cars24 Moto is a service which allows customers to sell used two-wheelers such as [[motorbike]]s, [[moped]]s and [[scooter (motorcycle)|scooter]]s on its platform. It also launched a service offering vehicles inspection services at the customers location in place of their branch.<ref name="bikes">{{cite news |title=CARS24 introduces pre-owned two-wheeler sales on its platform |url=https://www.outlookindia.com/newsscroll/cars24-introduces-preowned-twowheeler-sales-on-its-platform/1839408 |access-date=10 July 2020 |work=Outlook India |agency=PTI}}</ref><ref name="home inspection">{{cite news |last1=Singh |first1=Rajiv |title=Cover Story: How Covid-19 Has Forced A Clutch Of Startups To Pivot |url=https://www.forbesindia.com/article/coronavirus/cover-story-how-covid19-has-forced-a-clutch-of-startups-to-pivot/60163/1 |access-date=10 July 2020 |work=Forbes India |language=en}}</ref>
 ==Funding and endorsements==
-Cars24 raised US$50 million in Series A and Series B rounds combined. In 2018, it raised a further US$50 million in Series C round of funding.<ref name="series c">{{cite news |last1=Srinivasan |first1=Supraja |last2=Gooptu |first2=Biswarup |title=Cars24 tanks up for a Rs 340 crore ride |url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/cars24-tanks-up-for-a-rs-340-crore-ride/articleshow/65033011.cms |accessdate=10 July 2020 |work=The Economic Times |date=18 July 2018}}</ref>
+CARS24 raised US$50 million in Series A and Series B rounds combined. In 2018, it raised a further US$50 million in Series C round of funding.<ref name="series c">{{cite news |last1=Srinivasan |first1=Supraja |last2=Gooptu |first2=Biswarup |title=CARS24 tanks up for a Rs 340 crore ride |url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/cars24-tanks-up-for-a-rs-340-crore-ride/articleshow/65033011.cms |access-date=10 July 2020 |work=The Economic Times |date=18 July 2018}}</ref>
-Cars24 raised US$100 million in a Series D round of funding in 2019. Investors in the company include [[Sequoia Capital]], Exor Seeds, partners of [[DST Global]], Kingsway Capital, KCK and Unbound and Moore Strategic Ventures.<ref name="series d">{{cite news |last1=Gooptu |first1=Biswarup |title=Cars24 has closed $100 million in Series D funding |url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/cars24-has-closed-100-million-in-series-d-funding/articleshow/71624311.cms |accessdate=10 July 2020 |work=The Economic Times |date=18 October 2019}}</ref> As a part of the series D round of funding, the company received an investment from cricketer [[Mahendra Singh Dhoni]], who simultaneously became the company's brand ambassador.<ref name="dhoni">{{cite news |title=MS Dhoni invests in CARS24, roped in as brand ambassador |url=https://indianexpress.com/article/business/ms-dhoni-invests-cars24-brand-ambassador-5901921/ |accessdate=10 July 2020 |work=The Indian Express |agency=PTI |date=13 August 2019 |language=en}}</ref> Cars24 raised US$200 million in Series E round of funding in 2020 and became a unicorn startup as it was valued at over a $1 billion.
+CARS24 raised US$100 million in a Series D round of funding in 2019. Investors in the company include [[Sequoia Capital]], Exor Seeds, partners of [[DST Global]], Kingsway Capital, KCK and Unbound and Moore Strategic Ventures.<ref name="series d">{{cite news |last1=Gooptu |first1=Biswarup |title=Cars24 has closed $100 million in Series D funding |url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/cars24-has-closed-100-million-in-series-d-funding/articleshow/71624311.cms |access-date=10 July 2020 |work=The Economic Times |date=18 October 2019}}</ref> As a part of the series D round of funding, the company received an investment from cricketer [[Mahendra Singh Dhoni]], who simultaneously became the company's brand ambassador.<ref name="dhoni">{{cite news |title=MS Dhoni invests in CARS24, roped in as brand ambassador |url=https://indianexpress.com/article/business/ms-dhoni-invests-cars24-brand-ambassador-5901921/ |access-date=10 July 2020 |work=The Indian Express |agency=PTI |date=13 August 2019 |language=en}}</ref> Cars24 raised US$200 million in Series E round of funding in 2020 and became a unicorn startup as it was valued at over a $1 billion.{{fact|date=January 2023}}
-Apart from Dhoni, actors [[Boman Irani]],<ref name="boman irani">{{cite news |last1=Tanwar |first1=Sangeeta |title=Selling a used car made easy |url=https://www.business-standard.com/article/specials/selling-a-used-car-made-easy-117072000031_1.html |accessdate=10 July 2020 |work=Business Standard India |date=20 July 2017}}</ref> [[Mandira Bedi]] and [[Nawazuddin Siddiqui]] have endorsed the company in [[commercial advertisement]]s.<ref name="mandira bedi nawazuddin siddiqui">{{cite news |title=Cars24 appoints Hypersonic to lead new marketing campaign |url=https://www.aninews.in/news/business/business/cars24-appoints-hypersonic-to-lead-new-marketing-campaign201809141826480001/ |accessdate=10 July 2020 |work=ANI News |agency=ANI |language=en}}</ref>
+Apart from Dhoni, actors [[Boman Irani]],<ref name="boman irani">{{cite news |last1=Tanwar |first1=Sangeeta |title=Selling a used car made easy |url=https://www.business-standard.com/article/specials/selling-a-used-car-made-easy-117072000031_1.html |access-date=10 July 2020 |work=Business Standard India |date=20 July 2017}}</ref> [[Mandira Bedi]] and [[Nawazuddin Siddiqui]] have endorsed the company in [[commercial advertisement]]s.<ref name="mandira bedi nawazuddin siddiqui">{{cite news |title=Cars24 appoints Hypersonic to lead new marketing campaign |url=https://www.aninews.in/news/business/business/cars24-appoints-hypersonic-to-lead-new-marketing-campaign201809141826480001/ |access-date=10 July 2020 |work=ANI News |agency=ANI |language=en}}</ref>
+Cars24 became the primary and front-of-shirt sponsor of [[Sunrisers Hyderabad]] (SRH) for [[2022 Indian Premier League]]. Cars24's sponsorship of SRH marks the first time that a company from the second-hand cars category has sponsored an IPL team.<ref>{{Cite web |date=2022-02-09 |title=Sunrisers Hyderabad names Cars24 as principal sponsor |url=https://sportsmintmedia.com/sunrisers-hyderabad-names-cars24-as-principal-sponsor/ |access-date=2022-04-25 |website=SportsMint Media |language=en-US}}</ref>
 ==Subsidiaries==
-The company established Cars24 Financial Services as a subsidiary in 2019.<ref name="launch financial services">{{cite news |title=Cars 24 gets NBFC licence |url=https://www.financialexpress.com/industry/cars-24-gets-nbfc-licence/1656748/ |accessdate=10 July 2020 |work=The Financial Express |date=26 July 2019}}</ref> The company received an [[NBFC]] license from [[Reserve Bank of India]] in July 2019.<ref name="nbfc">{{cite news |title=New consumer lending business key growth driver: Cars24 |url=https://www.newindianexpress.com/business/2019/sep/24/new-consumer-lending-business-key-growth-driver-cars24-2038334.html |accessdate=14 July 2020 |work=The New Indian Express |date=24 September 2019}}</ref> Cars24 Financial Services provides [[consumer loan]] facilities to [[car dealer]]s and end customers in the used car segment across 50 cities in India.<ref name="launch financial services"/> In 2019-20 the company claimed to have disbursed loans worth {{INRConvert|400|c|lk=on|year=2019}}.<ref name="financial services">{{cite news |last1=Mathur |first1=Nandita |title=Cars24 Financial Services raises ₹10 crore in first debt funding |url=https://www.livemint.com/companies/start-ups/cars24-financial-services-raises-rs-10-crore-in-first-debt-funding-11594275951270.html |accessdate=10 July 2020 |work=Livemint |date=9 July 2020 |language=en}}</ref>
+The company established Cars24 Financial Services as a subsidiary in 2019.<ref name="launch financial services">{{cite news |title=Cars 24 gets NBFC licence |url=https://www.financialexpress.com/industry/cars-24-gets-nbfc-licence/1656748/ |access-date=10 July 2020 |work=The Financial Express |date=26 July 2019}}</ref> The company received an [[NBFC]] license from [[Reserve Bank of India]] in July 2019.<ref name="nbfc">{{cite news |title=New consumer lending business key growth driver: Cars24 |url=https://www.newindianexpress.com/business/2019/sep/24/new-consumer-lending-business-key-growth-driver-cars24-2038334.html |access-date=14 July 2020 |work=The New Indian Express |date=24 September 2019}}</ref> Cars24 Financial Services provides [[consumer loan]] facilities to [[car dealer]]s and end customers in the used car segment across 50 cities in India.<ref name="launch financial services"/> In 2019-20 the company claimed to have disbursed loans worth {{INRConvert|400|c|lk=on|year=2019}}.<ref name="financial services">{{cite news |last1=Mathur |first1=Nandita |title=Cars24 Financial Services raises ₹10 crore in first debt funding |url=https://www.livemint.com/companies/start-ups/cars24-financial-services-raises-rs-10-crore-in-first-debt-funding-11594275951270.html |access-date=10 July 2020 |work=Livemint |date=9 July 2020 |language=en}}</ref>
 ==References==
-{{reflist|2}}
+{{reflist}}
 [[Category:Companies based in Gurgaon]]
@@ Line 46: / Line 54: @@
 [[Category:Indian brands]]
 [[Category:2015 establishments in Haryana]]
+[[Category:Online automotive companies]]
+[[Category:Used car market]]

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Latest revision as of 16:17, 12 March 2024

History[edit]

Funding and endorsements[edit]

Subsidiaries[edit]

References[edit]

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