If you’re in the market for a new car, selling your old one can often be a cumbersome task, especially if you’re unsure where to begin. Fortunately, a game-changing company called CARS24 has emerged, simplifying the car selling process in India. They’ve streamlined the way sellers can swiftly and effortlessly part ways with their old vehicles.
Founders of CARS24:
The story of CARS24 begins with its founders, Vikram Chopra and Mehul Agarwal. Together, they shared a vision of creating a marketplace for Used Cars, New Cars, and Certified Pre-Owned Cars, aiming to simplify the process of selling or trading cars in a hassle-free manner.
Key Team Members of CARS24:
- Vikram Chopra – Co-Founder and Former FabFurnish Co-Founder Vikram Chopra is not only the co-founder of CARS24 but also a former co-founder of FabFurnish, an online furniture company. His career includes roles as a Business Analyst at McKinsey & Company and an Investment Analyst at Sequoia Capital.
- Mehul Agrawal – Co-Founder and COO Mehul Agrawal brings a background in management consulting and investment banking to the team. He has worked with renowned firms like BCG, McKinsey & Company, Nomura, and Deutsche Bank. Mehul holds degrees from IIT Delhi and IIM Bangalore.
- Gajendra Jangid – Co-Founder and CMO Gajendra Jangid’s inspiration for CARS24 came from his experience in the automobile industry, where selling a car was often a complex and time-consuming process involving numerous intermediaries. Gajendra holds BTech and MTech degrees in Engineering from IIT Bombay and previously worked with Schlumberger.
- Ruchit Agarwal – Co-Founder and Chief Financial Officer Ruchit Agarwal, a Cornell University graduate with an MBA from INSEAD, began his career as an investment banker at Goldman Sachs in London. Later, he returned to India to join the family business. Prior to co-founding CARS24, he served as Vice President at Bank of America Merrill Lynch.
CARS24 is a technology-driven platform dedicated to simplifying the process of selling used cars. With a presence in over 200 branches across India, the company has successfully served more than 80,000 customers, providing them with a seamless and convenient car-selling experience.
CARS24: Simplifying the Auto Trade
CARS24 is an innovative e-commerce platform specializing in pre-owned automobiles, encompassing both cars and bikes. Their mission is to streamline the buying and selling of vehicles, ensuring a seamless experience for all involved. The platform boasts an extensive selection of certified cars, complemented by a user-friendly interface that facilitates home delivery at the click of a button.
What sets CARS24 apart is its unwavering commitment to sellers. The company pledges to provide sellers with the best possible price for their vehicles within an hour. Powered by AI-driven pricing algorithms, CARS24 accurately assesses market value and appraisal worth, ensuring a fair deal for sellers.
As an ISO 9001:2015 certified entity, CARS24 stands as one of India’s fastest-growing used car marketplaces. It introduced a groundbreaking ‘transaction-led’ approach to car sales, allowing prospective car owners to securely sell their vehicles in under two hours, with instant payment. Simultaneously, CARS24 collaborates with a vast network of used car businesses, facilitating online transactions through mobile auctions across India.
Despite its relatively young age of six years, the company has soared in popularity, conducting over 100,000 transactions annually. CARS24 purchases vehicles from more than 15 cities across the nation and delivers them to over 100 Indian cities. Their innovative C2B model has disrupted the traditional C2C and B2C models, solidifying their presence in the industry.
CARS24 – Pioneering the Used Car Industry
Upon delving into the used car industry, the founders quickly unearthed a landscape marked by disarray. Loopholes that had persisted since inception had left the industry devoid of any standardized procedures for buying or selling used cars. Moreover, the absence of technological advancements for accurate pricing further exacerbated the challenges.
A significant hurdle lay in reaching potential users without navigating the labyrinth of market players who lacked comprehensive insights into car appraisals. Armed with a profound understanding of these market disparities, the visionaries behind CARS24 embarked on a mission to introduce technology-driven solutions. Their goal was to streamline the online buying and selling of used cars, addressing these long-standing issues and revolutionizing the industry.
CARS24 – Driving Growth and Revenue
CARS24 stands tall as the undisputed market leader in the online used car sector, commanding a staggering 90% market share. The company’s track record boasts an impressive tally of over four lakh transactions completed to date.
During a recent interview, CEO and Co-founder Vikram Chopra shared a remarkable statistic, stating, “We facilitate the sale of nearly 20,000 cars every month, equating to approximately 250,000 cars annually. This translates to nearly a billion dollars in car sales. Our presence spans across more than 200 cities in India, supported by a dedicated workforce of 7,000 professionals.” CARS24’s growth trajectory is nothing short of phenomenal.
CARS24 – Funding and Backers
CARS24 boasts an impressive total funding of approximately $1.52 billion. The company reached unicorn status on November 24, 2020, when it secured $200 million in a Series A round led by DST Global. This catapulted CARS24’s post-money valuation to an astounding $1 billion, making it the second unicorn in the used car industry.
CARS24 continued its fundraising momentum with a significant Series G round on December 20, 2021, led by Alpha Wave Global. This round included both equity and debt funding, totaling $400 million, with an additional cumulative debt funding of $100 million.
Earlier in the same year, on September 20, 2021, CARS24 conducted a substantial round of fundraising, amassing a total of $450 million in equity and debt. This round saw participation from major players such as Softbank, Tencent, DST Global, and others. As of December 20, 2021, CARS24’s valuation stands at an impressive $3.3 billion.
CARS24 – The Road Ahead
CARS24’s journey of success is far from over. Currently, the company boasts a network of over 10,000 channel partners on its platform, and it has ambitious plans to double this number to more than 20,000 partners within the next two years. Additionally, CARS24 is actively expanding its operations in various Tier 2 and Tier 3 cities.
In terms of revenue, CARS24 has set a formidable goal of achieving $2 billion by the fiscal year 2023. To realize this target, the company is strategically focusing on international expansion. It has already revealed its intentions to establish a presence in the Middle East, Australia, and Southeast Asia, while also solidifying its position in the Indian market.
Moreover, CARS24 is preparing to diversify beyond the realm of automobiles, extending its services to the world of bikes. Simultaneously, the company aims to bolster its used car financing platform, leveraging the funds it recently secured. The road ahead for CARS24 is paved with innovation, growth, and a commitment to transforming the automotive industry.
1. What is CARS24, and how does it work?
CARS24 is a platform that offers a simplified and hassle-free way to sell used cars in India. You can book an appointment at a CARS24 branch or schedule a home inspection. After a thorough evaluation, CARS24 offers you a fair price for your car, and if you agree, they purchase it instantly.
2. How does CARS24 assess the value of a car?
CARS24 uses a proprietary algorithm and a team of experts to assess a car’s value. They consider factors such as the car’s make, model, age, condition, mileage, and market demand to determine a competitive price.
3. Can I sell any type of car through CARS24?
Yes, CARS24 accepts all types of cars, including hatchbacks, sedans, SUVs, and luxury vehicles. They buy cars of various makes and models, regardless of their age or condition.
4. Is CARS24 available in all cities in India?
CARS24 has expanded its presence and is available in numerous cities across India. You can check their website or app for a list of cities where their services are offered.
5. What is the benefit of selling my car through CARS24 compared to traditional methods?
Selling your car through CARS24 offers several advantages, including a quick and hassle-free process, transparent pricing, and immediate payment. It eliminates the complexities often associated with traditional methods like classified ads or negotiating with individual buyers.
By offering fair and competitive prices, efficient inspections, and immediate payments, CARS24 has empowered car owners across India to sell their vehicles with ease. Its widespread presence in multiple cities has expanded access to its services, making it a go-to choice for those looking to sell their cars quickly and hassle-free.
Furthermore, CARS24’s contributions extend beyond individual transactions. It has played a role in shaping the pre-owned car industry, fostering a culture of trust and reliability among sellers and buyers alike. With its continued growth and expansion, CARS24 is poised to further transform the car sales landscape in India, providing a brighter and more convenient future for all involved.
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