Cars24

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

Cars24 is an Indian multinational online used car marketplace headquartered in Gurgaon. The company is considered among the four major organised players in the used car segment in India.

History

Cars24 was founded in 2015 by Vikram Chopra, Mehul Agrawal, Gajendra Jangid, and Ruchit Agarwal. The company was an online platform enabling car owners to sell used vehicles through a digital process involving inspections and price discovery. In 2021, the company expanded its operations internationally to the United Arab Emirates, Thailand and Australia..

The Cars24 platform facilitates the transaction and has an offline presence. 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. In 2019, the company started offering verified used cars where the company offered a buyback guarantee on the vehicles verified by inspection.

The company operates 202 branches across 73 cities in India as of 2019. Apart from its own branches, the company has a tie-up with more than 10,000 channel partners across 230 cities in India. The company touched 150,000 annual car sales in 2019.

Old logo of CARS24

In May 2020, the company launched Cars24 Moto. 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.

References

  1. ↑ "Cars24 to reduce burn rate further, target 'sustainable growth'". The Economic Times. Retrieved 31 December 2022.
  2. 1 2 3 "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. Archived from the original on 10 July 2020. 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. 1 2 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. Archived from the original on 10 July 2020. 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.