Template:Infobox company CARS24 is an online used car marketplace that is headquartered in Gurugram, Haryana, India.[1] The company sells more than 1,50,000 cars annually.[2] The company is considered among the four major organised players in the used car segment in India.[3]
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.[2] 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.[4] 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.[5] In 2019 the company started offering verified used cars where the company offered a buyback guarantee on the vehicles verified by inspection.[6]
The company operates 202 branches across 73 cities in India as of 2019.[7] Apart from its own branches, the company has a tie up with more than 10,000 channel partners across 230 cities in India.[5]
In May 2020 the company launched Cars24 Moto.[8] 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.[9][10]
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.[11]
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.[12] 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.[13] 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,[14] Mandira Bedi and Nawazuddin Siddiqui have endorsed the company in commercial advertisements.[15]
Subsidiaries
The company established Cars24 Financial Services as a subsidiary in 2019.[16] The company received an NBFC license from Reserve Bank of India in July 2019.[17] Cars24 Financial Services provides consumer loan facilities to car dealers and end customers in the used car segment across 50 cities in India.[16] In 2019-20 the company claimed to have disbursed loans worth Template:INRConvert.[18]
References
- ↑ Cars24 set to pick up $80 million from backers. The Economic Times(14 May 2019).
- ↑ 2.0 2.1 Cars 24: Now buy and sell used cars sans any hassles. The Financial Express(29 July 2019).
- ↑ Mahindra First Choice plans to have 1,300 dealerships by Mar. Outlook India.
- ↑ A new turn to used-car sales. The Hindu Business Line(20 February 2017).
- ↑ 5.0 5.1 Used auto startup Cars24 develops vehicle matching app for dealers. Business Standard India(28 June 2020).
- ↑ Consumers Can now Buy Cars from CARS24. Business World India.
- ↑ The One Who Solves Supply Shall Create The Biggest Auto Company In India Vikram Chopra CARS24. Business World India.
- ↑ Cars24’s two-wheeler vertical to be called Cars24 Moto: 200+ bikes, scooters sold post lockdown. The Financial Express(22 June 2020).
- ↑ CARS24 introduces pre-owned two-wheeler sales on its platform. Outlook India.
- ↑ Cover Story: How Covid-19 Has Forced A Clutch Of Startups To Pivot. Forbes India.
- ↑ Cars24 tanks up for a Rs 340 crore ride. The Economic Times(18 July 2018).
- ↑ Cars24 has closed $100 million in Series D funding. The Economic Times(18 October 2019).
- ↑ MS Dhoni invests in CARS24, roped in as brand ambassador. The Indian Express(13 August 2019).
- ↑ Selling a used car made easy. Business Standard India(20 July 2017).
- ↑ Cars24 appoints Hypersonic to lead new marketing campaign. ANI News.
- ↑ 16.0 16.1 Cars 24 gets NBFC licence. The Financial Express(26 July 2019).
- ↑ New consumer lending business key growth driver: Cars24. The New Indian Express(24 September 2019).
- ↑ Cars24 Financial Services raises ₹10 crore in first debt funding. Livemint(9 July 2020).