Cars24 is preparing for an eventual IPO
Business
Cars24, the online used-car marketplace, is preparing for an eventual IPO to tap into a huge $200 billion market.
CEO Vikram Chopra shared that the final timing will depend on how markets and regulators respond.
From buying/selling cars to offering insurance, challenging payments
Launched in 2015, Cars24 has grown from just buying and selling cars to offering everything from insurance and challan payments to car inspections and buyback services.
Retail sales now make up more than half of GMV
Retail sales now make up more than half of its ₹3,731 crore vehicle GMV. Loans disbursed jumped 38% YoY to ₹1,637 crore, monthly users crossed 1.1 crore, and their UAE business turned profitable too.
The recent CarInfo acquisition also boosted post-sales services.