Cars24 plans US $100m investment in key overseas markets

Cars24 has earmarked an investment of over $100Million for international markets in 2021. These investments will be used to build the brand in these new territories coupled with a strong supply of cars for the platform, and a state-of-the-art workshop to recondition cars to ensure top quality.

As part of its expansion strategy, Cars24 will use its India playbook to expand globally and continue to invest in technology to transform the consumer experience in buying-selling cars.

“In the last six years, we have worked very hard to revolutionise the way our consumers buy or sell their cars in India. Interestingly, the pain points of used car consumers across the globe remain pervasive. We are sure with our expertise and experience of operating in a diverse market like India, we will be able to cater to the needs of our new customers as well,”’ said Vikram Chopra, Co-Founder and CEO, Cars24.

He further added, “Our expansion into the markets of UAE, Australia and Southeast Asia mark a milestone moment in the growth of Cars24 as we introduce a whole new world of cars to our new audiences. Cars24 is well-poised for explosive growth internationally and we will continue to offer our burgeoning roster of offerings to newer markets that have been at the forefront of embracing new technology and innovation.”

Currently, Cars24 is shipping cars to customers across Dubai, Abu Dhabi and Sharjah and to Brisbane in Australia, shortly followed by Sydney and Melbourne as well. Cars24 aims to offer these customers an easy, seamless and a transparent car buying and selling experience.

“We are delighted to be spearheading the global expansion of Cars24 in the Australian market. Australia is a car-loving nation of consumers who have had no alternative to the traditional used car buying model - until now. Australians are truly ready to embrace 100% online car buying; and with the support of our founders, we have incredibly high expectations for our growth in this market.”, said Olga Rudenko - GM Australia, Cars24 Australia.

Cars24 is the largest online transaction platform for pre-owned vehicles in India. Founded in 2015 by Vikram Chopra, Mehul Agrawal, Ruchit Agarwal and Gajendra Jangid, it offers an efficient, reliable, and hassle-free transacting experience to customers to buy and sell pre-owned vehicles (cars and bikes) as well as financing options.

Cars24 is the first player in the pre-owned vehicle industry to procure a non-banking financial company (NBFC) license and launch consumer lending business with Cars24 Financial Services and two-wheeler segment Bikes24. It is backed by marquee investors like Sequoia India, Exor Seeds (venture arm of Exor, one of the world’s leading holding companies controlled by the Agnelli Family), DST Global, Kingsway Capital (London based multi-billion US$ fund), Unbound (global investment firm headquartered in London), Moore Strategic Ventures and KCK (Silicon Valley & New York based investment firm).