CARS24

CARS24 is an online used car marketplace that is headquartered in Gurgaon, India.[2] The company sells more than 150,000 cars annually.[3] The company is considered among the four major organised players in the used car segment in India.[4]

CARS24 Services Private Limited
TypePrivate
IndustryUsed Cars
Founded2015 (2015)
Headquarters
Gurugram
,
India
Area served
India
Key people
  • sandeep Vikram Chopra
  • Mehul Agrawal
  • Gajendra Jangid
  • Ruchit Agarwal
Services
  • Car sales
  • Resale Paperwork
  • Loans
Revenue ₹16,880 million (US$240 million)[1] (2019)
SubsidiariesCars24 Financial Services Private Limited
Websitewww.cars24.com

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]

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 ₹4,000 million (US$56 million).[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. 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. 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. "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.
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