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Cars24

Cars24 Services Private Limited
TypePrivate
IndustryUsed cars
Founded2015; 11 years ago (2015)
Headquarters
Gurgaon, Haryana
,
India
Area served
India
Thailand
Australia
UAE[1]
Key people
  • Vikram Chopra
  • Gajendra Jangid
  • Ruchit Agarwal
  • Mehul Agarwal
Services
  • Car sales
  • Resale Paperwork
  • Loans
RevenueIncrease ₹5,535 crore (US$570 million) (FY23)[2]
Decrease ₹−468 crore (US$−49 million) (FY23)[2]
Number of employees
6,000+ (2023)[2]
SubsidiariesCars24 Financial Services
Websitecars24.com

Cars24 is an Indian multinational online used car marketplace headquartered in Gurgaon.[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.[5] The company was an online platform enabling car owners to sell used vehicles through a digital process involving inspections and price discovery.[6] In 2021, the company expanded its operations internationally to 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.[12]

Old logo of CARS24

In May 2020, the company launched Cars24 Moto.[13] 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.[14][15]

References

  1. ^ "Cars24 to reduce burn rate further, target 'sustainable growth'". The Economic Times. Retrieved 31 December 2022.
  2. ^ a b c "Cars24 registered marginal growth in revenues in FY23". Moneycontrol. 30 October 2023. Retrieved 3 November 2023.
  3. ^ Gooptu, Biswarup (14 May 2019). "Cars24 set to pick up $80 million from backers". The Economic Times. Retrieved 10 July 2020.
  4. ^ "Mahindra First Choice plans to have 1,300 dealerships by Mar". Outlook India. PTI. Retrieved 10 July 2020.
  5. ^ "Cars24: Founders, funding and business model". Inc42. Retrieved 29 January 2026.
  6. ^ "Online used-car marketplace Cars24 nears $250 million funding round". The Economic Times. 28 June 2021.
  7. ^ "Cars24 eyes $2 Bn in revenue by FY23 on back of international expansion, financing services". Inc42. Retrieved 29 January 2026.
  8. ^ Ghaswalla, Amrita Nair (20 February 2017). "A new turn to used-car sales". The Hindu Business Line. Retrieved 14 July 2020.
  9. ^ a b Mukul, Jyoti (28 June 2020). "Used auto startup CARS24 develops vehicle matching app for dealers". Business Standard India. Retrieved 10 July 2020.
  10. ^ "Consumers Can now Buy Cars from CARS24". Business World India. Retrieved 10 July 2020.
  11. ^ "The One Who Solves Supply Shall Create The Biggest Auto Company In India Vikram Chopra CARS24". Business World India. Retrieved 10 July 2020.
  12. ^ Chowdhary, Sudhir (29 July 2019). "Cars 24: Now buy and sell used cars sans any hassles". The Financial Express. Retrieved 10 July 2020.
  13. ^ 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.
  14. ^ "CARS24 introduces pre-owned two-wheeler sales on its platform". Outlook India. PTI. Retrieved 10 July 2020.
  15. ^ Singh, Rajiv. "Cover Story: How Covid-19 Has Forced A Clutch Of Startups To Pivot". Forbes India. Retrieved 10 July 2020.

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