Cars24 is the largest auto tech company in the automotive industry. It helps us to sell and buy second-hand cars instantly. It was founded by Vikram Chopra and Mehul Agarwal in August 2015.
With the Indian used car market growing and with 5.2 million cars sold in FY 2023, Cars24 has become a trusted name in the automobile market.
Today, the company is worth $5 billion, has 145+ branches in 299 cities, and works with 10,000+ partners. Cars24 also operates in countries like Australia and the UAE.
Currently they are operating in more than 200 branches in 89 cities and their head office is located in Gurgaon.
History of Cars24:
Cars24 was started by FabFurnish founders Vikram Chopra and Mehul Agrawal in August, 2015. Their aim is to help the car owners to sell their cars instantly without any trouble.
And also help the dealers and people who are looking for a second hand car with no trouble and issues in a very less time and minimum paperwork and legal formalities. And apart from that you’ll also get expert assistance and from start to finish.
Now, Cars24 is getting almost 2.3 Million traffic per month organically with more than 13,000 (thirteens thousand) backlinks to their 20,700+ pages. (As per Ahrefs.com)
Here is the organic traffic growth chart of Cars24 since Jan 2017.
Top Performing Pages of Cars24 in July 2023.
Services offered by Cars24
Cars24 is an online marketplace that not only helps with the buying and selling of cars at the best price but also offers a range of additional end-to-end services, including
- Vehicle inspection at the customer’s location/ branch.
- Handles all legal paperwork like ownership or free RC transfers, insurance transfers, e-Challan service and RTO checks.
- Quick loans for used cars, top-up loans and more
- Help car owners hire verified and trained expert drivers
- Also provides driving school, helping individuals to become skilled drivers.
All these combined services make Cars24 a trusted choice for millions of car owners and dealers across India. Besides these above services, they also offer 2-3 highly popular and efficient services.
All these combined services make Cars24 a trusted choice for millions of car owners and dealers across India. Besides these above services, they also offer 2-3 highly popular and efficient services.
- FourDoor: FourDoor by Cars24 is a multi-brand car service and repair brand that makes car servicing easy and reliable. With expert technicians and fair pricing, customers get quality repairs, oil changes, and car washes hassle-free. Its services are available in Gurgaon, Delhi NCR, Bangalore, Hyderabad, and Chennai.
- Pre-owned Car loans: Cars24 offers pre-owned car loans with zero down payment, flexible EMIs, and up to 6 years tenure. Customers can enjoy instant approvals in 2 minutes and same-day disbursal, with loans available for cars up to 14 years old at 12% interest. This service is available in major Indian cities and 15,000+ PIN codes.
- It also lets users buy and sell used two-wheelers like motorcycles, scooters, and mopeds. Sellers can list their two-wheelers on the platform, where they go through an inspection and bidding process, just like cars. Buyers, on the other hand, can browse verified listings, compare prices, and make a purchase.
Cars24 Funding Rounds:
CARS24 has raised around $1.3 billion over 17 rounds of funding to date.
| Date | Round | Funding Amount | Investors |
| 2018 | Seed round | – | Finn Age Haensel |
| 2018 | Series A and Series B | $50 Million | |
| 2018 | Series C | $50 Million | KCK, Kingsway Capital, MPGI, Sequoia Capital India |
| 2019 | Series D | $100 Million | Sequoia Capital, Exor Seeds, partners of DST Global, Kingsway Capital, KCK and Unbound and Moore Strategic Ventures |
| 2020 | Series E | $200 Million | DST Global |
| 2021 | Conventional debt | $110 Million | |
| 2021 | Conventional debt | $100 Million | |
| 2021 | Series G | $329 Million | |
| 2024 | $29.8 Million | Global car Group |
Business Model Of Cars24: How Cars24 earns?
Cars24 follows an asset-heavy customers-to-business (C2B) model, where it buys used cars from individuals and dealers and resells them to other dealerships and buyers. Buyers can simply browse their website or visit a nearby branch for a test drive before buying the car.
There’s no public information about its charges. Still, according to the Economic Times, unlike a listings-based classifieds platform, Cars24 enables the end-to-end transaction itself, charging a commission of about 4-5% for each transaction and also a small fee from the buyers as a registration fee only.
Cars24 currently has 300 million users globally and has facilitated the sale of over 1 Million cars so far.
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Cars24 Competitors:
- Droom
- Cardekho
- Cartrade
- Carwale
- Spinny
- Carnation
- Dealer Direct
- Checkgaadi
- Mahindra First Choice Wheels
Cars24 Contact Details
Cars24 Customer Care:
Contact No. 1800 258 5656
Email: care@cars24.com
Twitter: https://twitter.com/cars24india
Having more questions from Cars24, check out their frequently asked questions section here.
Read More About: Uber Business Model
FAQs – Cars24
1)- What is Cars24?
Cars24 is an online platform that helps customers sell and buy second-hand cars instantly.
2)- Cars24 started in which year?
Cars24 was founded in 2015.
3)- How Cars24 work?
Cars24 buys used cars from individuals and dealers and resells them to other dealerships and buyers. When a seller wants to sell their car, Cars24 first inspects the vehicle and then sends it for an auction-like bidding process. Here, multiple buyers place bids, and the seller gets an instant price offer based on the highest bid.
4)- Who is the owner of Cars24?
Currently, Vikram Chopra is the CEO and co-founder of Cars24. The other co-founders are, Rachit Agarwal, Mehul Agarwal and Gajendra Jangid.
