Content deleted Content added
49.37.243.177 (talk) No edit summary |
Azuredivay (talk | contribs) mNo edit summary Tag: Visual edit |
||
| Line 1: | Line 1: | ||
{{short description|Online used car marketplace}} |
{{short description|Online used car marketplace}} |
||
{{Infobox company |
{{Infobox company |
||
| name |
| name = CARS24 Services Private Limited |
||
| logo |
| logo = Cars24logo.png |
||
| logo_caption |
| logo_caption = |
||
| type |
| type = [[Private company|Private]] |
||
| foundation |
| foundation = {{start date and age|2015}} |
||
| area_served |
| 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> |
||
| location_city |
| location_city = [[Gurgaon]], [[Haryana]] |
||
| hq_location_country = India |
| hq_location_country = India |
||
| key_people |
| key_people = {{Unbulleted list| Vikram Chopra|Gajendra Jangid|Ruchit Agarwal|Mehul Agarwal}} |
||
| revenue |
| revenue = {{increase}} {{INRConvert|6008|c|lk=on}} (FY22)<ref name="revenue 2022"/> |
||
| net_income |
| net_income = {{decrease}} {{INRConvert|-248|c|lk=on}} (FY22)<ref name="revenue 2022">{{cite news |last1=Sil |first1=Debarghya |title=Cars24’s Total Revenue Doubles To INR 6,008 Cr In FY22, Loss Widens To INR 248 Cr |url=https://inc42.com/buzz/cars24s-total-revenue-doubles-to-inr-6008-cr-in-fy22-loss-widens-to-inr-248-cr/ |access-date=31 December 2022 |work=Inc42 Media |date=9 December 2022 |language=en}}</ref> |
||
| industry |
| industry = [[Used car]]s |
||
| services |
| services = {{Unbulleted list|Car sales|Resale Paperwork|Loans}} |
||
| num_employees |
| num_employees = 8,000+ (2022)<ref>{{cite news |last1=Sil |first1=Debarghya |title=Exclusive: Used Car Ecommerce Unicorn Cars24 Lays Off 600 Employees To Cut Cost |url=https://inc42.com/buzz/cars24-lays-off-600-employees-to-cut-cost/ |access-date=31 December 2022 |work=Inc42 Media |date=19 May 2022 |language=en}}</ref> |
||
| subsid |
| subsid = Cars24 Financial Services Private Limited |
||
| homepage |
| homepage = {{URL|https://www.cars24.com/|cars24.com}} |
||
}} |
}} |
||
'''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> |
'''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== |
==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, 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> |
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]], [[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 |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 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> |
||
Revision as of 09:11, 1 January 2023
 | |
| Company type | Private |
|---|---|
| Industry | Used cars |
| Founded | 2015 |
| Headquarters | , India |
Area served | India Thailand Australia UAE[1] |
Key people |
|
| Services |
|
| Revenue |  ₹6,008 crore (US$720 million) (FY22)[2] |
 ₹−248 crore (US$−30 million) (FY22)[2] | |
Number of employees | 8,000+ (2022)[3] |
| Subsidiaries | Cars24 Financial Services Private Limited |
| Website | cars24.com |
CARS24 is an Indian multinational online used car marketplace headquartered in Gurgaon.[4] The company is considered among the four major organised players in the used car segment in India.[5]
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.[6] In 2021, the company expanded operations internationally in several countries, including the United Arab Emirates, Thailand and Australia.[7]
The CARS24 platform facilitates the transaction and has an offline presence.[8] 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.[9] In 2019 the company started offering verified used cars where the company offered a buyback guarantee on the vehicles verified by inspection.[10]
The company operates 202 branches across 73 cities in India as of 2019.[11] Apart from its own branches, the company has a tie up with more than 10,000 channel partners across 230 cities in India.[9] The company touched 150,000 annual car sales in 2019.[6]
In May 2020, the company launched CARS24 Moto.[12] 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.[13][14]
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.[15]
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.[16] 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.[17] 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,[18] Mandira Bedi and Nawazuddin Siddiqui have endorsed the company in commercial advertisements.[19]
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.[20]
Subsidiaries
The company established Cars24 Financial Services as a subsidiary in 2019.[21] The company received an NBFC license from Reserve Bank of India in July 2019.[22] Cars24 Financial Services provides consumer loan facilities to car dealers and end customers in the used car segment across 50 cities in India.[21] In 2019-20 the company claimed to have disbursed loans worth ₹400 crore (equivalent to ₹497 crore or US$60 million in 2023).[23]
References
- ^ "Cars24 to reduce burn rate further, target 'sustainable growth'". The Economic Times. Retrieved 31 December 2022.
- ^ a b Sil, Debarghya (9 December 2022). "Cars24's Total Revenue Doubles To INR 6,008 Cr In FY22, Loss Widens To INR 248 Cr". Inc42 Media. Retrieved 31 December 2022.
- ^ Sil, Debarghya (19 May 2022). "Exclusive: Used Car Ecommerce Unicorn Cars24 Lays Off 600 Employees To Cut Cost". Inc42 Media. Retrieved 31 December 2022.
- ^ 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. 2022-01-06. Retrieved 2022-01-21.
- ^ 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. 2022-02-09. Retrieved 2022-04-25.
- ^ 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.