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Cars24 Reviews

Gurugram, Haryana

4.0/ 5

2 reviews

CARS24, officially incorporated as Cars24 Services Private Limited, is a leading AutoTech company and a prominent multinational online marketplace specializing in the buying, selling, and financing of pre-owned vehicles. Founded in August 2015 by Vikram Chopra, Mehul Agrawal, Gajendra Jangid, and Ruchit Agarwal, the company is headquartered in Gurugram, Haryana, India. It operates as an unlisted private company and a subsidiary of a foreign company (Global Car Group Limited, based in Singapore). CARS24 revolutionized India's highly fragmented and unorganized used-car industry by introducing an efficient, data-driven, and transparent transactional platform that replaces traditional classified listings. The core business model originally launched as a Consumer-to-Business (C2B) auction system, where car owners could bring their vehicles to a physical branch for a rigorous scientific inspection. The platform utilized an AI-enabled pricing algorithm to establish an accurate market value, allowing thousands of authorized dealers to bid on the vehicles in live online auctions. This process guaranteed immediate price discovery and instant payment for sellers. In 2019, the company strategically expanded its operations to include a Business-to-Consumer (B2C) model, enabling customers to purchase certified, refurbished pre-owned cars directly from the platform. To support this vertical, CARS24 established large-scale Mega Refurbishment Labs (MRLs) across major regions to ensure strict quality control, vehicle reconditioning, and road-readiness. Beyond vehicle transactions, CARS24 operates an integrated ecosystem providing essential automotive services. Through its dedicated subsidiary, CARS24 Financial Services Private Limited, which holds a Non-Banking Financial Company (NBFC) license from the Reserve Bank of India, the platform provides quick, tech-enabled financing solutions like used car loans to end consumers and credit lines to channel partners. It also facilitates end-to-end paperwork transfers, registration assistance, vehicle history checks, insurance services, and roadside assistance. Furthermore, the company expanded its marketplace to include "Cars24 Moto," a dedicated division for the trade of used two-wheelers such as motorbikes and scooters. CARS24 has scaled rapidly, reaching unicorn status in late 2020 after securing a major funding round that valued the business at over $1 billion. By late 2021, its valuation increased to $3.3 billion following a series of high-profile institutional investments. Cumulatively, the entity has raised over $1.3 billion from premier global investors, including DST Global, SoftBank Vision Fund 2, Alpha Wave Global, Tencent, Alibaba Group, and Sequoia Capital. Today, CARS24 operates an extensive physical and digital network comprising hundreds of branches and a tie-up with over 10,000 channel partners across more than 200 cities in India. Additionally, the company has successfully expanded its geographic footprint into international markets, establishing operational bases in Australia, Thailand, and the United Arab Emirates.