Cars24, an online marketplace for depreciated cars, earmarked $100 million (about Rs 738 crore) to feed its international enlargement this year. Recently, the company started in Australia and the United Arab Emirates and is now set to thrust its used cars business in Southeast Asia and the Middle East.
CARS24, the Online used-car marketplace on Thursday declared that it will invest $100 million (around ₹738 crores) to extend its services in international markets this year. The company is set to thrust its business in south-east Asian and middle-eastern countries this year.
The company has previously overrun into Australia and the UAE and is now primed to launch its business in south-east Asian and middle-eastern countries this year.
CARS24 has allocated an investment of over $100 million for international markets in 2021, the company announced in a statement.
Building the brand
Cars24 was founded in 2015 by Vikram Chopra, Mehul Agrawal, Ruchit Agarwal and Gajendra Jangid, which offers a hassle-free transacting experience to customers to buy and sell pre-owned vehicles, cars and bikes as well as investment options. The company operates in over 130 cities in India.
The investments will be utilised to establish the brand in these new territories united with a strong supply of cars for the platform, and a workshop to recondition cars to secure top quality, it continued.
CARS24 co-Founder and CEO Vikram Chopra stated, “In the last six years, we have worked very hard to revolutionise the way our consumers buy or sell their cars in India. Interestingly, the pain points of used car consumers across the globe remain pervasive. We are sure with our expertise and experience of operating in a diverse market like India, we will be able to cater to the needs of our new customers as well,”.
The company's extension into the markets of the UAE, Australia and south-east Asia signifies a milestone moment in the completion of CARS24 as we launch a whole new world of cars to new audiences, he continued.
Currently, CARS24 is transporting cars to customers across Dubai, Abu Dhabi and Sharjah and to Brisbane in Australia, soon to be accompanied by Sydney and Melbourne as well.
Further, Chopra remarked, “CARS24 is well-poised for explosive growth internationally and we will continue to offer our burgeoning roster of offerings to newer markets that have been at the forefront of embracing new technology and innovation,”.
CARS24 Australia GM Olga Rudenko stated, “Australia is a car-loving nation of consumers who have had no alternative to the traditionally used car buying model –until now... We have high expectations for our growth in this market,”.