CARS24 Startup Story
Company Details
| City: | Gurgaon |
|---|---|
| Founders: | Gajendra Jangid, Mehul Agrawal, Ruchit Agarwal, Vikram Chopra |
| Founded: | 2015 |
| Industries: | AutoTech,E-Commerce, Marketplace, Sales Automation, Software |
| Number of employees: | 1001+ |
| Revenue: | INR 6,072 Cr (FY22) |
| Funding amount: | $1.296 billion (FY21) |
| Official Website: | cars24.com |
They currently have more than 200 branches operating in 89 cities, with Gurgaon serving as their headquarters.
Vikram Chopra and Mehul Agrawal, the creators of FabFurnish, launched Cars24 in August 2015.
CARS24 Industry
They assist us in finding the best price for the cars we want to sell, and they also offer immediate payment with no paperwork hassles or payment delays.
With the aid of their AI and machine learning, they also offer financial loans to businesses to aid in their expansion and enable them to purchase their dream cars in a brisk process.
One of the services provided by the business is lending money to companies, which allows them to grow more quickly and even buy their dream car thanks to an efficient AI and machine learning process.
CARS24 Founder and Team
The founders of CARS24 are Vikram Chopra, Mehul Agrawal, Gajendra Jangid, and Ruchit Agarwal
Vikram Chopra is one of the founders of CARS24, an Indian multinational online used car marketplace. Along with Other Founders.
Free Ultimate Startup Toolkit Click Here
He played a key role in establishing the company in 2015. As of the provided information, there is no further specific information available about Vikram Chopra's role or background.
Mehul Agrawal currently serves as the Co-Founder and Chief Operating Officer (COO) of CARS24 Financial Services, a subsidiary of CARS24.
As the COO, he is involved in the operational aspects of the company's financial services division.
Before his involvement with CARS24, Mehul Agrawal started an online furniture company called FabFurnish.
He also has prior experience working with BCG (Boston Consulting Group) and holds an MBA from IIM Calcutta.
As of the available information, Mehul Agrawal's role within CARS24 is primarily focused on the financial services aspect of the business.
He has made significant contributions to the growth and success of the company in the used car market.
CARS24 Logo And Tagline
As of the provided information, there is no specific mention of CARS24 launching a TV commercial (TVC) with the tagline 'Car becho, best price mein'
CARS24 Business & Revenue Model
There are three products on their financial menu at the moment.
Unnati, the first product, aims to give businesses wings and enable their quick expansion.
It provides the choice to place a bid on and purchase a vehicle through the CARS24 platform and pay for it later.
Latest Post: What is the Startup Story of Groww?
With the lowest market interest rates and a fully digital workflow, this service guarantees complete transparency.
Another item on their financial menu, Unnati+ also aims to help businesses expand more quickly.
It enables users to buy a used car from any location and get a quick loan.
This product like Unnati, promises to offer the lowest interest rates and offers a fully digital process for maximum transparency.
The third option is the Pre-Owned Cars Loan, which enables people to realise their aspirations of becoming car owners through quick and simple loans.
This product guarantees same-day fund disbursal and boasts an incredibly quick loan approval time of just 24 seconds.
Additionally, it provides value-added services to improve the driving experience, making each journey memorable and it offers the lowest interest rates on the market. This is how you can Cars24 Buy Cars.
CARS24 Funding and Investors
According to Crunchbase.com, Cars24 has raised money through a number of funding rounds.
They raised a total of $193.8 million in their most recent funding round, known as Series D.
Cars24 initially received seed funding from Finn Age Haensel for an undisclosed sum.
With the help of nine investors, including KCK Global, Unbound, Kingsway Capital, and Sequoia Capital India, they raised $50 million in a Series C funding round in June 2018.
Lead investors Unbound and Toronto-based KCK Global made investments totaling about $25 million each in October 2019.
Apoletto Asia, Vebdebita Trading Ltd., Phillip Fresie, DST Global, and Extor Seeds were among the sources that contributed $19.6 million in funding as well.
As of the available information, here are the details regarding CARS24's funding and investors in 2023:
Funding and Valuation:
CARS24 raised $400 million in a funding round, which includes a $100 million debt component.
Read More: Blinkit Business Model
The funding round was led by Alpha Wave Global (formerly Falcon Edge Capital).
The company's valuation increased to $3.3 billion after this funding round.
Investors:
Alpha Wave Global, formerly Falcon Edge Capital, led the financing round.
Commercial Bank of Dubai and IFM Investors from Australia are among the investors who provided the $100 million debt component.
Other existing investors of CARS24 also participated in this funding round, although specific details were not mentioned.
Overall, the company offers accessible and effective options to fuel growth, buy cars, and enjoy practical financing solutions to both businesses and individuals through its financial services.
The growth and market recognition of Cars24 have been significantly aided by these funding rounds.
CARS24 Growth
Cars24 runs on a Customers to Business (C2B) model with a focus on assets, whereby used cars are first bought from private sellers and dealers and then sold to other dealerships and individuals.
In addition, they take a small registration fee from customers.
Under 100,000 cars have been sold by the company since its founding in 2015.
CARS24 Competitors
- Spinny: Spinny is a pre-owned car trading platform that allows users to select cars online and book a test drive.
- CarDekho: CarDekho is an auto portal that assists users with car research, finance, insurance, and used cars.
- VavaCars: VavaCars is a technology-enabled used car platform that provides a transparent and hassle-free car-buying experience.
- Droom Technology: Droom is an online marketplace for buying and selling new and used automobiles.
An online marketplace called Car Dekho connects car buyers and sellers.
Where buyers can easily find cars online without investing their time and effort, and sellers can easily list their cars for sale.
By charging sellers a fee to list their vehicles for sale on the CarDekho website, the business makes money.
Cardekho's main source of income comes from this Technology has been a key enabler for the success of Car Dekho.
As part of its asset-heavy Customers to Business (C2B) Business Model Cars24 buys used cars from individuals and dealers before reselling them to other dealerships and private parties.
The platform uses technology to accelerate and improve the customer experience throughout the entire car-buying process.
Users can compare cars, check prices, and even schedule test drives using the company's website and mobile app, for instance.
Artificial Intelligence and Machine Learning
Additionally, the platform makes personalised recommendations to customers based on their preferences using advanced analytics.
To further enhance its customer experience, Car Dekho has also been investing in cutting-edge technologies like Artificial Intelligence (AI) and Machine Learning (ML).
For instance, the business employs ML algorithms to study user behaviour and offer customers customised recommendations.
Additionally, the platform makes use of chatbots to answer customer questions quickly.
Cars24 makes it easier for car owners to sell their vehicles by providing a hassle-free experience.
Additionally, they provide dealers and people looking to buy used cars with a quick and easy process that requires little in the way of paperwork or legal requirements.
They provide knowledgeable support from beginning to end, ensuring a smooth transaction.
As an added bonus, Cars24 uses accelerated AI and machine learning to help people buy their Dream Cars and offers financial loans to businesses, enabling them to expand more quickly.
They offer Pre-Owned Cars Loan, Unnati, and Unnati+ as their financial options.
These products provide affordable interest rates, speedy loan approvals, and same-day money transfers.
In conclusion, Cars24 makes the process of buying and selling used cars simpler.
To meet the needs of companies and individuals in the automotive market, they provide a user-friendly platform, knowledgeable assistance, and financial solutions.
CARS24 Future Plans
CARS24, an online marketplace for used cars, has earmarked $100 million for international expansion.
After successfully entering the markets of Australia and the United Arab Emirates, CARS24 is now gearing up to introduce its used car business in Southeast Asia and the Middle East.
The funds will be utilized to establish the brand in these new markets, ensure a steady supply of used cars, and set up workshops to maintain top quality.
The company aims to address the pain points of used car consumers globally and provide its roster of offerings to newer markets.
Also Now, CARS24 has plans to expand its presence and deliver a hassle-free transacting experience in international markets.
The company has already entered Australia, the UAE, and Southeast Asia.
It aims to leverage its expertise and experience of operating in diverse markets like India to cater to the needs of new customers abroad.
New Post: Dunzo Business Model
CARS24 views its expansion into these markets as a milestone moment in its growth, introducing a new world of cars to new audiences.
The company's co-founder, Gajendra Jangid, has expressed their focus on aggressive global expansion, highlighting the $100 billion market opportunity in India and abroad.
CARS24 aims to further extend its operations into the Middle East and Southeast Asia, leveraging its existing presence in the United Arab Emirates, Australia, and Thailand.
They intend to use the new capital to establish large-scale refurbishing labs in India and improve the quality of cars before selling them to customers.
CARS24 has experienced significant growth, with an annualized revenue run rate of close to $1 billion and an increase in car sales.
They are confident in their ability to make a dent in both the Indian and international markets.
It's important to note that the provided information reflects the future plans of CARS24 as of now. The company's actual future actions and developments may vary.
What is Cars24?
Cars24 is an Indian multinational online marketplace for used cars. It was founded in August 2015 by Vikram Chopra and Mehul Agarwal. The company operates on a Customers to Business (C2B) Model, where it buys used cars from private sellers and dealers and sells them to other dealerships and individuals.
How to Sell Car on Cars24?
Visit the Cars24 website at, Click on the "Sell Your Car" or similar option on the website. Click Here To Read More " Sell Car on Cars24 "
How Does Cars24 Work?
Cars24 works as an Online Platform that facilitates the Buying and Selling of used Cars in India. In addition to their core marketplace, they offer financial services to cater to the needs of businesses and individuals.
Which is Better Spinny or Cars24?
When determining which platform is better, it's important to consider individual preferences and requirements. Factors such as car selection, pricing, convenience, warranty options, return policies, and financing solutions may vary between Spinny and Cars24. It is recommended to visit the respective platforms' websites, compare their offerings, read customer reviews, and evaluate which platform aligns better with your specific needs.
What are the services and branch locations offered by Cars24 in Chennai?
Cars24 offers a range of services and has branch locations in Chennai to cater to the needs of car buyers and sellers. The branch in T. Nagar, Chennai, facilitates the entire process, ensuring a smooth and hassle-free experience. Here are the Latest "Cars24 Chennai"
Well, if you like this post then Subscribe Our Growwithmarkets Youtube Channel for latest videos/posts Here Is Some Latest Videos, thankuuu.....
0 Comments