CARS24 Services Private Limited | |
Type: | Private |
Area Served: | India Thailand Australia UAE[1] |
Location City: | Gurgaon, Haryana |
Hq Location Country: | India |
Revenue: | (FY23) |
Net Income: | (FY23)[2] |
Industry: | Used cars |
Num Employees: | 6,000+ (2023) |
Subsid: | Cars24 Financial Services |
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]
CARS24 was founded in 2015 by Vikram Chopra, Mehul Agrawal, Gajendra Jangid and Ruchit Agarwal as a platform to buy and sell used cars. In 2021, the company expanded its operations internationally in several countries, including the United Arab Emirates, Thailand and Australia.[5]
The CARS24 platform facilitates the transaction and has an offline presence.[6] 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.[7] In 2019, the company started offering verified used cars where the company offered a buyback guarantee on the vehicles verified by inspection.[8]
The company operates 202 branches across 73 cities in India as of 2019.[9] Apart from its own branches, the company has a tie-up with more than 10,000 channel partners across 230 cities in India.[7] The company touched 150,000 annual car sales in 2019.[10]
In May 2020, the company launched CARS24 Moto.[11] 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.[12] [13]
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.[14]
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.[15] 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.[16] 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,[17] Mandira Bedi and Nawazuddin Siddiqui have endorsed the company in commercial advertisements.[18]
Cars24 became the primary and front-of-shirt sponsor of Sunrisers Hyderabad (SRH) for 2022 Indian Premier League. Cars24's sponsorship of SRH marks the first time that a company from the second-hand cars category has sponsored an IPL team.[19]
The company established Cars24 Financial Services as a subsidiary in 2019.[20] The company received an NBFC license from Reserve Bank of India in July 2019.[21] Cars24 Financial Services provides consumer loan facilities to car dealers and end customers in the used car segment across 50 cities in India.[20] In 2019-20 the company claimed to have disbursed loans worth .[22]