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Cars24
Online used-car platform CARS24 is gearing up for an IPO as it prepares to tap into the next level of growth opportunities in the domestic market, Co-Founder Gajendra Jangid said on Monday. The Gurugram-headquartered firm, which has already crossed USD 1 billion in turnover, expects the domestic used-car market to cross USD 100 billion mark over the next ten years. "IPO is a milestone and a stepping stone in our journey. We are gearing up for it internally. I am not laying any roadmap for...by when we will go for the IPO. But the progress is being made in that direction," Jangid told reporters here. Elaborating on the growth potential of the Indian used-car market, he stated that car ownership in the country remains low as compared to various developed geographies including China and the US. Jangid noted that the used-car segment was growing faster than the new car sales in the country with strong demand emanating from Tier II and III cities and towns. He noted that the company is
Indian used car market is expected to touch the USD 100 billion-mark in the next ten years on the back of rising disposable incomes and a growing middle class, according to CARS24 Co-Founder and CEO Vikram Chopra. As per the findings of the Gurugram-based online used car marketplace, there are changes in market dynamics with customers opting for frequent upgrades when it comes to cars. "According to our internal study, the anticipated growth of the Indian used car market is set to occur at a 15 per cent CAGR, increasing from USD 25 billion in 2023 to USD 100 billion by 2034," Chopra told PTI in an interaction. The growth trajectory is propelled by various factors unique to the Indian market, including urbanisation and a growing middle class, which is changing consumer preferences and boosting the demand for affordable mobility solutions, he added. Chopra noted that when CARS24 began its journey eight years ago, the used car market size stood at around USD 10-15 billion. "I think,
Pre-owned vehicle sale, purchase, and financing platform provider CARS24 on Tuesday said it has witnessed a noteworthy transformation in the used car market in Tamil Nadu, with practicality taking precedence over luxury. The southern state was also witnessing a significant rise in demand for used cars with an 80 per cent surge in sales recorded during the first 6 months of the year. While popular models from automaker Maruti Suzuki India Ltd remain long-standing favorites, customers in Tamil Nadu were exploring better options including hatchbacks Renault Kwid, Volkswagen Polo, and mid-size sedan Honda City. "These models have captivated the attention of local car buyers, signifying an evolution in their preferences and a departure from conventional choices," CARS24 said in a statement here. Maruti Suzuki continues its strong presence in Tamil Nadu with its popular hatchback Alto800 standing out as the preferred model during the first six-month period of 2023. Tamil Nadu's car mark
CARS24, an e-commerce platform for pre-owned vehicles, on Friday launched its first engineering research and development centre here. The centre will focus on developing cutting-edge solutions for used vehicle inspection, refurbishment, and reconditioning, it said in a statement, adding that it will employ engineers and specialists from across the country. The AI-powered algorithms used by the centre will ensure accurate vehicle valuation, the company said. "In addition to developing advanced technological solutions for vehicle inspection and valuation, the centre will analyse data on pre-owned vehicle sales and market trends, providing statistical models and machine learning algorithms that will predict future demand for certain types of vehicles, identify growth opportunities, and optimise pricing strategies", the statement added.
Cars24 laid off 600 workers, just days after Vedantu fired 424 employees. Y Combinator has asked founders of its portfolio firms to prep for the worst. Is there a twist ahead in the start-up story?