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{{Infobox company
{{Infobox company
| name = CARS24 Services Private Limited
| name = CARS24 Services Private Limited
| logo =
| logo_size =
| type = [[Private company|Private]]
| type = [[Private company|Private]]
| traded_as =
| foundation = {{start date and age|2015}}
| foundation = {{start date and age|2015}}
| area_served = India
| area_served = [[India]]<br>[[Australia]]<br>[[UAE]]
| location_city = [[Gurugram]]
| location_city = [[Gurugram]], [[Haryana]]
| hq_location_country = [[India]]
| hq_location_country = [[India]]
| key_people = {{Unbulleted list| Vikram Chopra|Mehul Agrawal|Gajendra Jangid|Ruchit Agarwal}}
| key_people = {{Unbulleted list| Vikram Chopra|Mehul Agrawal|Gajendra Jangid|Ruchit Agarwal}}
| revenue = {{increase}} {{INRConvert|16880|m}}<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>
| 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>
| revenue_year = 2019
| revenue_year = 2019
| operating_income =
| income_year =
| net_income =
| net_income_year =
| assets =
| assets_year =
| equity =
| equity_year =
| ISIN =
| industry = [[Used Car]]s
| industry = [[Used Car]]s
| services = {{Unbulleted list|Car sales|Resale Paperwork|Loans}}
| services = {{Unbulleted list|Car sales|Resale Paperwork|Loans}}
| subsid = Cars24 Financial Services Private Limited
| subsid = Cars24 Financial Services Private Limited
| homepage = {{URL|http://www.cars24.com/}}
| homepage = {{URL|https://www.cars24.com/|cars24.com}}
| intl =
}}
}}
'''CARS24''' is an online [[used car]] marketplace that is headquartered in [[Gurgaon]], [[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 150,000 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 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 |accessdate=10 July 2020 |work=Outlook India |agency=PTI}}</ref>
'''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 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 |accessdate=10 July 2020 |work=Outlook India |agency=PTI}}</ref>


==History==
==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 operations internationally in several countries, including the [[United Arab Emirates]] and [[Australia]].  


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 |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>
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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 |accessdate=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 |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.


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 |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>
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==Subsidiaries==
==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|4000|m}}.<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/ |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>


==References==
==References==

Revision as of 02:57, 21 July 2021

CARS24 Services Private Limited
Company typePrivate
IndustryUsed Cars
Founded2015; 9 years ago (2015)
Headquarters
Gurugram, Haryana
,
India
Area served
India
Australia
UAE
Key people
  • Vikram Chopra
  • Mehul Agrawal
  • Gajendra Jangid
  • Ruchit Agarwal
Services
  • Car sales
  • Resale Paperwork
  • Loans
RevenueIncrease ₹1,688 crore (US$200 million)[1] (2019)
SubsidiariesCars24 Financial Services Private Limited
Websitecars24.com

CARS24 is an online used car marketplace that is headquartered in Gurugram, Haryana, India.[2] The company sells more than 1,50,000 cars annually.[3] The company is considered among the four major organised players in the used car segment in India.[4]

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.[3] In 2021, the company expanded operations internationally in several countries, including the United Arab Emirates and Australia.  

The Cars24 platform facilitates the transaction and has an offline presence.[5] 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.[6] In 2019 the company started offering verified used cars where the company offered a buyback guarantee on the vehicles verified by inspection.[7]

The company operates 202 branches across 73 cities in India as of 2019.[8] Apart from its own branches, the company has a tie up with more than 10,000 channel partners across 230 cities in India.[6]

In May 2020 the company launched Cars24 Moto.[9] 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.[10][11]

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.[12]

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.[13] 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.[14] 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.

Apart from Dhoni, actors Boman Irani,[15] Mandira Bedi and Nawazuddin Siddiqui have endorsed the company in commercial advertisements.[16]

Subsidiaries

The company established Cars24 Financial Services as a subsidiary in 2019.[17] The company received an NBFC license from Reserve Bank of India in July 2019.[18] Cars24 Financial Services provides consumer loan facilities to car dealers and end customers in the used car segment across 50 cities in India.[17] In 2019-20 the company claimed to have disbursed loans worth ₹400 crore (equivalent to ₹497 crore or US$60 million in 2023).[19]

References

  1. ^ Vankipuram, Meera (6 November 2019). "Cars24 gets $44 million from Singapore parent, reports four-fold rise in losses". Livemint. Retrieved 20 July 2020.
  2. ^ Gooptu, Biswarup (14 May 2019). "Cars24 set to pick up $80 million from backers". The Economic Times. Retrieved 10 July 2020.
  3. ^ 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.
  4. ^ "Mahindra First Choice plans to have 1,300 dealerships by Mar". Outlook India. PTI. Retrieved 10 July 2020.
  5. ^ Ghaswalla, Amrita Nair (20 February 2017). "A new turn to used-car sales". The Hindu Business Line. Retrieved 14 July 2020.
  6. ^ a b Mukul, Jyoti (28 June 2020). "Used auto startup Cars24 develops vehicle matching app for dealers". Business Standard India. Retrieved 10 July 2020.
  7. ^ "Consumers Can now Buy Cars from CARS24". Business World India. Retrieved 10 July 2020.
  8. ^ "The One Who Solves Supply Shall Create The Biggest Auto Company In India Vikram Chopra CARS24". Business World India. Retrieved 10 July 2020.
  9. ^ 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.
  10. ^ "CARS24 introduces pre-owned two-wheeler sales on its platform". Outlook India. PTI. Retrieved 10 July 2020.
  11. ^ Singh, Rajiv. "Cover Story: How Covid-19 Has Forced A Clutch Of Startups To Pivot". Forbes India. Retrieved 10 July 2020.
  12. ^ Srinivasan, Supraja; Gooptu, Biswarup (18 July 2018). "Cars24 tanks up for a Rs 340 crore ride". The Economic Times. Retrieved 10 July 2020.
  13. ^ Gooptu, Biswarup (18 October 2019). "Cars24 has closed $100 million in Series D funding". The Economic Times. Retrieved 10 July 2020.
  14. ^ "MS Dhoni invests in CARS24, roped in as brand ambassador". The Indian Express. PTI. 13 August 2019. Retrieved 10 July 2020.
  15. ^ Tanwar, Sangeeta (20 July 2017). "Selling a used car made easy". Business Standard India. Retrieved 10 July 2020.
  16. ^ "Cars24 appoints Hypersonic to lead new marketing campaign". ANI News. ANI. Retrieved 10 July 2020.
  17. ^ a b "Cars 24 gets NBFC licence". The Financial Express. 26 July 2019. Retrieved 10 July 2020.
  18. ^ "New consumer lending business key growth driver: Cars24". The New Indian Express. 24 September 2019. Retrieved 14 July 2020.
  19. ^ Mathur, Nandita (9 July 2020). "Cars24 Financial Services raises ₹10 crore in first debt funding". Livemint. Retrieved 10 July 2020.
source: https://en.wikipedia.org/w/index.php?title=CARS24&diff=prev&oldid=1034648796

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