Company Research Report: CARS24

Company Overview

• Name: CARS24

• Mission of the Company: To revolutionize mobility, transform lives across India and beyond by harnessing cutting-edge technology, and ensure sustainability in the automotive ecosystem.

• Founded: 2015

• Founders:

• Vikram Chopra (Co-founder & CEO)

• Gajendra Jangid (Co-founder & CMO)

• Ruchit Agarwal (Co-founder & CFO)

• Mehul Agrawal (Co-founder & COO)

• Key People:

• Vikram Chopra (Co-founder & CEO)

• Gajendra Jangid (Co-founder & CMO)

• Ruchit Agarwal (Co-founder & CFO)

• Mehul Agrawal (Co-founder & COO)

• Arpan Sharma (VP - Refurb)

• Pooja Somani (CFO - Global Corporate)

• Prachi Sharma (General Manager - Brand Communication)

• Nivedita Pandey (Senior Manager - Brand Design)

• Ambika Kataria (Associate Director - Customer Insights)

• Himanshu Ratnoo (CEO - Used Cars)

• Nitin Khera (Director - HR)

• Headquarters: Gurugram, Haryana, India

• Number of Employees: 5,001-10,000 employees

• Revenue: Over $1 billion

• Known For: CARS24 is known for being one of India's largest auto-tech companies, providing a platform for buying and selling cars, especially used cars, and offering services such as auto finance and insurance.

Products

CARS24 offers a variety of products predominantly focused on the automotive industry:

• LOANS24: Provides quick and easy loan options for car buyers.

• AutoPilot: A driver on demand service.

• BharatRTO: A service for challan and RTO checks.

• FourDoor: Car service and maintenance facilities.

• INSURE24: Simplified car insurance services.

• Autoverse: A platform for the latest car news and services.

Key Features of Products

• LOANS24: Streamlines the process of obtaining quick loans with high approval rates and competitive interest rates.

• AutoPilot: Offers on-demand driver services.

• BharatRTO: Access to a comprehensive range of RTO-related services, including vehicle detail checks.

• FourDoor: Comprehensive car maintenance and service features ensuring top-notch car care.

• INSURE24: Focused on facilitating easy and quick insurance processes for car owners.

• Autoverse: Provides the latest updates, news, and insights in the automotive industry.

Recent Developments

• Global Expansion: CARS24 has expanded its reach beyond India, entering markets in the UAE and Australia. This marks a strategic move towards international growth.

• Partnerships: CARS24 has formed partnerships with over 10 government-approved scrapping facilities to promote eco-friendly vehicle disposal and with the Ministry of Road Transport and Highways to support the vehicle scrapping policy.

• Sustainability Initiatives: CARS24 has pledged to save 10 million metric tons of CO2 by 2028 by extending the lifecycle of vehicles and promoting the circular economy.

• Innovations: The company leverages technology to provide seamless buying, selling, and servicing experiences for customers. It also focuses on enhancing customer experiences through online evaluations and the use of advanced auto-tech solutions.

Other Information

• Customer Satisfaction: The company has reportedly transacted over 1 million cars, serving more than 1 million happy customers globally.

• Sustainability Impact: In 2023, CARS24 enabled over 200,000 used cars to find new owners, saving an estimated 2.5 million metric tons of CO2, indicating their strong commitment to sustainability.

• Market Presence: While primarily based in India, the company also operates in the UAE and Australia, contributing to a growing global presence.

Summary

CARS24 is a pioneering auto-tech company that offers diverse automotive solutions with a strong commitment to sustainability and innovative technology. It has established itself as a significant player in the used car market, providing a comprehensive platform for buying, selling, financing, and insuring vehicles. With global expansion and strategic partnerships, CARS24 is poised for continued growth and leadership in the auto-tech industry.