CARS24

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.{{Cite web|date=2022-01-06|title=CARS24 Eyes $2 Bn In Revenue By FY23 On Back Of International Expansion, Financing Services|url=https://inc42.com/buzz/cars24-eyes-2-bn-in-revenue-by-fy23-on-back-of-international-expansion-financing-services/|access-date=2022-01-21|website=Inc42 Media|language=en-US}}  

The CARS24 platform facilitates the transaction and has an offline presence.{{cite news |last1=Ghaswalla |first1=Amrita Nair |title=A new turn to used-car sales |url=https://www.thehindubusinessline.com/specials/emerging-entrepreneurs/a-new-turn-to-usedcar-sales/article9552050.ece |access-date=14 July 2020 |work=The Hindu Business Line |date=20 February 2017 |language=en}} 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.{{cite news |last1=Mukul |first1=Jyoti |title=Used auto startup CARS24 develops vehicle matching app for dealers |url=https://www.business-standard.com/article/companies/used-auto-dealer-cars24-develops-vehicle-matching-app-to-clear-unsold-stock-120062800493_1.html |access-date=10 July 2020 |work=Business Standard India |date=28 June 2020}} In 2019, the company started offering verified used cars where the company offered a buyback guarantee on the vehicles verified by inspection.{{cite news |title=Consumers Can now Buy Cars from CARS24 |url=http://bwdisrupt.businessworld.in/article/Consumers-Can-now-Buy-Cars-from-CARS24/16-12-2019-180527/ |access-date=10 July 2020 |work=Business World India |language=en}}

The company operates 202 branches across 73 cities in India as of 2019.{{cite news |title=The One Who Solves Supply Shall Create The Biggest Auto Company In India Vikram Chopra CARS24 |url=http://bwdisrupt.businessworld.in/article/The-One-Who-Solves-Supply-Shall-Create-The-Biggest-Auto-Company-In-India-Vikram-Chopra-CARS24/15-06-2020-287427/ |access-date=10 July 2020 |work=Business World India |language=en}} 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.{{cite news |last1=Chowdhary |first1=Sudhir |title=Cars 24: Now buy and sell used cars sans any hassles |url=https://www.financialexpress.com/industry/sme/cars-24-now-buy-and-sell-used-cars-sans-any-hassles/1658946/ |access-date=10 July 2020 |work=The Financial Express |date=29 July 2019}}

File:CARS24 Official New Logo.png

In May 2020, the company launched CARS24 Moto.{{cite news |last1=Chaudhary |first1=Vikram |title=Cars24's two-wheeler vertical to be called Cars24 Moto: 200+ bikes, scooters sold post lockdown |url=https://www.financialexpress.com/auto/car-news/cars24s-two-wheeler-vertical-to-be-called-cars24-moto-200-used-pre-owned-second-hand-bikes-scooters-sold-post-lockdown/1999210/ |access-date=14 July 2020 |work=The Financial Express |date=22 June 2020}} 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.{{cite news |title=CARS24 introduces pre-owned two-wheeler sales on its platform |url=https://www.outlookindia.com/newsscroll/cars24-introduces-preowned-twowheeler-sales-on-its-platform/1839408 |access-date=10 July 2020 |work=Outlook India |agency=PTI}}{{cite news |last1=Singh |first1=Rajiv |title=Cover Story: How Covid-19 Has Forced A Clutch Of Startups To Pivot |url=https://www.forbesindia.com/article/coronavirus/cover-story-how-covid19-has-forced-a-clutch-of-startups-to-pivot/60163/1 |access-date=10 July 2020 |work=Forbes India |language=en}}

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.{{cite news |last1=Srinivasan |first1=Supraja |last2=Gooptu |first2=Biswarup |title=CARS24 tanks up for a Rs 340 crore ride |url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/cars24-tanks-up-for-a-rs-340-crore-ride/articleshow/65033011.cms |access-date=10 July 2020 |work=The Economic Times |date=18 July 2018}}

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.{{cite news |last1=Gooptu |first1=Biswarup |title=Cars24 has closed $100 million in Series D funding |url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/cars24-has-closed-100-million-in-series-d-funding/articleshow/71624311.cms |access-date=10 July 2020 |work=The Economic Times |date=18 October 2019}} 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.{{cite news |title=MS Dhoni invests in CARS24, roped in as brand ambassador |url=https://indianexpress.com/article/business/ms-dhoni-invests-cars24-brand-ambassador-5901921/ |access-date=10 July 2020 |work=The Indian Express |agency=PTI |date=13 August 2019 |language=en}} 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.{{fact|date=January 2023}}

Apart from Dhoni, actors Boman Irani,{{cite news |last1=Tanwar |first1=Sangeeta |title=Selling a used car made easy |url=https://www.business-standard.com/article/specials/selling-a-used-car-made-easy-117072000031_1.html |access-date=10 July 2020 |work=Business Standard India |date=20 July 2017}} Mandira Bedi and Nawazuddin Siddiqui have endorsed the company in commercial advertisements.{{cite news |title=Cars24 appoints Hypersonic to lead new marketing campaign |url=https://www.aninews.in/news/business/business/cars24-appoints-hypersonic-to-lead-new-marketing-campaign201809141826480001/ |access-date=10 July 2020 |work=ANI News |agency=ANI |language=en}}

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.{{Cite web |date=2022-02-09 |title=Sunrisers Hyderabad names Cars24 as principal sponsor |url=https://sportsmintmedia.com/sunrisers-hyderabad-names-cars24-as-principal-sponsor/ |access-date=2022-04-25 |website=SportsMint Media |language=en-US}}

The company established Cars24 Financial Services as a subsidiary in 2019.{{cite news |title=Cars 24 gets NBFC licence |url=https://www.financialexpress.com/industry/cars-24-gets-nbfc-licence/1656748/ |access-date=10 July 2020 |work=The Financial Express |date=26 July 2019}} The company received an NBFC license from Reserve Bank of India in July 2019.{{cite news |title=New consumer lending business key growth driver: Cars24 |url=https://www.newindianexpress.com/business/2019/sep/24/new-consumer-lending-business-key-growth-driver-cars24-2038334.html |access-date=14 July 2020 |work=The New Indian Express |date=24 September 2019}} Cars24 Financial Services provides consumer loan facilities to car dealers and end customers in the used car segment across 50 cities in India. In 2019-20 the company claimed to have disbursed loans worth {{INRConvert|400|c|lk=on|year=2019}}.{{cite news |last1=Mathur |first1=Nandita |title=Cars24 Financial Services raises ₹10 crore in first debt funding |url=https://www.livemint.com/companies/start-ups/cars24-financial-services-raises-rs-10-crore-in-first-debt-funding-11594275951270.html |access-date=10 July 2020 |work=Livemint |date=9 July 2020 |language=en}}

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Category:Companies based in Gurgaon

Category:Indian companies established in 2015

Category:Indian brands

Category:2015 establishments in Haryana

Category:Online automotive companies

Category:Used car market