CARS24

2021-08-28T07:19:43Z

182.70.6.254:

{{short description|Online used car marketplace}}
{{Infobox company
| name = CARS24 Services Private Limited
| type = [[Private company|Private]]
| foundation = {{start date and age|2015}}
| area_served = [[India]]<br>[[Australia]]<br>[[UAE]]
| location_city = [[Gurugram]], [[Haryana]]
| hq_location_country = [[India]]
| key_people = {{Unbulleted list| Vikram Chopra|Gajendra Jangid|Ruchit Agarwal|Mehul Agarwal}}
| 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
| industry = [[Used Car]]s
| services = {{Unbulleted list|Car sales|Resale Paperwork|Loans}}
| subsid = Cars24 Financial Services Private Limited
| 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 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==

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 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"/>

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>

==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$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>

==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>

==References==
{{reflist|2}}

[[Category:Companies based in Gurgaon]]
[[Category:Indian companies established in 2015]]
[[Category:Indian brands]]
[[Category:2015 establishments in Haryana]]

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CARS24