CARS24
CARS24 is an Indian multinational online used car marketplace headquartered in Gurgaon.[4] The company is considered among the four major organised players in the used car segment in India.[5]
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Type | Private |
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Industry | Used cars |
Founded | 2015 |
Headquarters | , India |
Area served | India Thailand Australia UAE[1] |
Key people |
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Services |
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Revenue | ![]() |
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Number of employees | 8,000+ (2022)[3] |
Subsidiaries | Cars24 Financial Services Private Limited |
Website | 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.[6] In 2021, the company expanded its operations internationally in several countries, including 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.[6]

In May 2020, the company launched CARS24 Moto.[12] 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.[13][14]
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.[15]
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.[16] 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.[17] 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,[18] Mandira Bedi and Nawazuddin Siddiqui have endorsed the company in commercial advertisements.[19]
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.[20]
Subsidiaries
The company established Cars24 Financial Services as a subsidiary in 2019.[21] The company received an NBFC license from Reserve Bank of India in July 2019.[22] Cars24 Financial Services provides consumer loan facilities to car dealers and end customers in the used car segment across 50 cities in India.[21] In 2019-20 the company claimed to have disbursed loans worth ₹400 crore (equivalent to ₹497 crore or US$62 million in 2023).[23]
References
- "Cars24 to reduce burn rate further, target 'sustainable growth'". The Economic Times. Retrieved 31 December 2022.
- Sil, Debarghya (9 December 2022). "Cars24's Total Revenue Doubles To INR 6,008 Cr In FY22, Loss Widens To INR 248 Cr". Inc42 Media. Retrieved 31 December 2022.
- Sil, Debarghya (19 May 2022). "Exclusive: Used Car Ecommerce Unicorn Cars24 Lays Off 600 Employees To Cut Cost". Inc42 Media. Retrieved 31 December 2022.
- Gooptu, Biswarup (14 May 2019). "Cars24 set to pick up $80 million from backers". The Economic Times. Retrieved 10 July 2020.
- "Mahindra First Choice plans to have 1,300 dealerships by Mar". Outlook India. PTI. Retrieved 10 July 2020.
- Chowdhary, Sudhir (29 July 2019). "Cars 24: Now buy and sell used cars sans any hassles". The Financial Express. Retrieved 10 July 2020.
- "CARS24 Eyes $2 Bn In Revenue By FY23 On Back Of International Expansion, Financing Services". Inc42 Media. 6 January 2022. Retrieved 21 January 2022.
- Ghaswalla, Amrita Nair (20 February 2017). "A new turn to used-car sales". The Hindu Business Line. Retrieved 14 July 2020.
- Mukul, Jyoti (28 June 2020). "Used auto startup CARS24 develops vehicle matching app for dealers". Business Standard India. Retrieved 10 July 2020.
- "Consumers Can now Buy Cars from CARS24". Business World India. Retrieved 10 July 2020.
- "The One Who Solves Supply Shall Create The Biggest Auto Company In India Vikram Chopra CARS24". Business World India. Retrieved 10 July 2020.
- 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.
- "CARS24 introduces pre-owned two-wheeler sales on its platform". Outlook India. PTI. Retrieved 10 July 2020.
- Singh, Rajiv. "Cover Story: How Covid-19 Has Forced A Clutch Of Startups To Pivot". Forbes India. Retrieved 10 July 2020.
- Srinivasan, Supraja; Gooptu, Biswarup (18 July 2018). "CARS24 tanks up for a Rs 340 crore ride". The Economic Times. Retrieved 10 July 2020.
- Gooptu, Biswarup (18 October 2019). "Cars24 has closed $100 million in Series D funding". The Economic Times. Retrieved 10 July 2020.
- "MS Dhoni invests in CARS24, roped in as brand ambassador". The Indian Express. PTI. 13 August 2019. Retrieved 10 July 2020.
- Tanwar, Sangeeta (20 July 2017). "Selling a used car made easy". Business Standard India. Retrieved 10 July 2020.
- "Cars24 appoints Hypersonic to lead new marketing campaign". ANI News. ANI. Retrieved 10 July 2020.
- "Sunrisers Hyderabad names Cars24 as principal sponsor". SportsMint Media. 9 February 2022. Retrieved 25 April 2022.
- "Cars 24 gets NBFC licence". The Financial Express. 26 July 2019. Retrieved 10 July 2020.
- "New consumer lending business key growth driver: Cars24". The New Indian Express. 24 September 2019. Retrieved 14 July 2020.
- Mathur, Nandita (9 July 2020). "Cars24 Financial Services raises ₹10 crore in first debt funding". Livemint. Retrieved 10 July 2020.