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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$210 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$62 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&oldid=1034648796

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