Online automobile reselling platform Cars24, which became a unicorn late last year, is now driving into new territories. On Thursday, the company said it has expanded its operations to UAE and Australia. And, with a budget of over $100 million, it expects to soon begin services in Southeast Asian and Middle East markets.
Founded in 2015 by Vikram Chopra, Mehul Agrawal, Ruchit Agarwal and Gajendra Jangid, Cars24 currently operates in 130 cities across India. The platform offers buying and selling options for pre-owned cars and two-wheelers, along with financing options.
“Interestingly, the pain points of used car consumers across the globe remain pervasive. We are sure we will be able to cater to the needs of our new customers as well,” Vikram Chopra, co-Founder and CEO, CARS24, said.
Chopra added that the expansion into UAE, Australia and Southeast Asia marks a milestone for Cars24 and that the company is well poised for growth internationally.
The $100 million, set aside for global expansion, will be used to tailor the platform for international markets, as well as build workshops where vehicles will be reconditioned before being sold.
The omnichannel platform model has been adopted by Cars24, something that the company terms as the ‘clicks over bricks’ culture. As part of the expansion, the platform said that it has already onboarded thousands of cars which can be purchased internationally.
Cars24 currently ships to customers in Dubai, Abu Dhabi, Sharjhah, Brisbane, and said it will start off with Sydney and Melbourne in the near future.
“Australia is a car-loving nation of consumers who have had no alternative to the traditional used car buying model - until now,” said Olga Rudenko - GM Australia, CARS24 Australia.
Cars24 is one of the first players in the pre-owned vehicles category to procure a non-banking financial company (NBFC) license for its financial services offerings. The company has raised a total of $394 million in five funding rounds since inception. Some of its prominent investors include the likes of Sequoia India, Exor Seeds (venture arm of Exor), DST Global, London based Kingsway Capital and Unbound, and Silicon Valley based Moore Strategic Ventures and KCK, among others.