Image Credit - inc42
Cars24, a prominent online platform for buying and selling used cars, is gearing up for an initial public offering (IPO) as it aims to harness the growth potential of India’s burgeoning used-car market. The company, co-founded by Gajendra Jangid, has already surpassed $1 billion in turnover and is setting its sights on the expanding market, which is projected to exceed $100 billion in the next decade.
In a statement on Monday, Jangid highlighted that the IPO represents a remarkable milestone for Cars24’s growth journey. Although the company is not yet disclosing a specific timeline for the IPO, it is actively preparing for this transition. Jangid emphasized that the Indian used-car market is experiencing rapid growth, outpacing new car sales, and is driven by increasing demand from Tier II and III cities.
The company’s focus extends beyond just preparing for its IPO. Cars24 is working on product launches, technological advancements, and expanding into new business areas. These areas include car servicing and the sale of accessories and spare parts. Despite not yet achieving break-even status, the company is committed to enhancing its offerings.
A major innovation is the enhancement of the Cars24 app, which now features a new function called Orbit. This updated app integrates a broad range of services designed to simplify and improve the car ownership experience. Services offered through Orbit include buying and selling cars, financing, on-demand driver services, insurance, repairs and maintenance, RTO assistance, FasTag management, service history records, and even car scrapping.
Jangid stressed that Cars24 is not just transforming car transactions but is elevating them into comprehensive experiences, aiming to revolutionize how car ownership is managed and perceived in India.