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Founded by Vikram Chopra, Mehul Agarwal, Gajendra Jangid and Ruchit Agarwal, Cars24 is a leading Indian online platform for buying and selling used vehicles. Established in 2015 and headquartered in Gurugram, it revolutionized the automobile resale market by streamlining vehicle inspections, document transfers, and financing options. With a robust digital infrastructure, Cars24 provides end-to-end solutions including vehicle evaluation, instant bidding, RC transfer, and loan facilities for both buyers and sellers. It expanded internationally and ventured into vehicle refurbishing and financing, aiming for seamless customer experiences and operational scalability.
| Metric | Detail |
|---|---|
| Founding Year | 2015 |
| Headquarters | Gurugram, India |
| Valuation | $3.3 Billion |
| Total Funding | $1.1 Billion |
| Users | 20 Million+ |
| Employees | 6,000 |
| Revenue (FY23) | $404 Million |
| Net Profit (FY23) | -$122 Million |
| EBITDA Margin | -19.8% |
| ROCE | -11.2% |
| Round | Date | Amount | Valuation | Investors |
|---|---|---|---|---|
| Series A | Jan 2016 | $10M | $50M | SAIF Partners, Kingsway Capital |
| Series B | May 2018 | $25M | $120M | Sequoia India |
| Series C | Nov 2019 | $100M | $300M | DST Global, KCK Global |
| Series D | Nov 2020 | $200M | $950M | DST Global, Exor Seeds |
| Series E | Jul 2021 | $450M | $1.8B | Falcon Edge, Tencent |
| Series F | Dec 2021 | $340M | $3.3B | Alpha Wave, SoftBank, DST Global |
Cars24 has witnessed fluctuating financial performance in recent years. Revenue grew significantly from FY21 to FY22, jumping from $291M to $592M. However, FY23 saw a contraction to $404M. Losses have remained consistent, highlighting the challenge of profitability despite revenue spikes. This trend indicates a need for enhanced operational efficiency and sustainable growth levers.
Cars24 has faced margin pressures, with EBITDA margins staying negative and expense-to-revenue ratios consistently above 100%. FY22 marked the peak inefficiency, with expenses at 121.5% of revenue. While FY23 showed slight improvement, persistent losses signal the need for streamlined cost structures and improved unit economics.
Cars24's workforce has grown steadily from 4,200 in FY21 to 6,000 in FY23. This indicates sustained investment in operations, tech, and customer servicing. While growth supports scalability, managing employee productivity and optimizing cost per headcount remain vital in the journey toward profitability.
In early 2025, Cars24 secured a debt round of $75M from multiple global banks to strengthen its NBFC arm. The funds will be used for tech integration and customer onboarding. The company also partnered with OEMs to launch certified refurbished vehicles through their marketplace.
| Metric | Detail |
|---|---|
| Employees | 6,000 ↑ (steady growth from 4,200 in FY21) |
| Revenue | $404M ↓ (decline from FY22 peak $592M) |
| PAT | -$122M ↔ (losses stable but large) |
| EBITDA Margin | -19.8% ↑ (improved slightly vs FY22) |
| Strategic Moves | Expanded financing & refurbishment business |
| IPO Status | Delayed; expected after 2025 |
| Expansion Focus | Tier-2 cities, online-to-offline hybrid format |
| Latest News | Raised $75M debt to strengthen lending arm |
Cars24 has scaled to become a major force in India’s used vehicle ecosystem with strong funding support and tech-first operations.
While profitability remains elusive, its moves in auto financing and digital innovation point to a long-term strategy.
With sustained investor confidence, it’s poised for a strong IPO post-market recovery.
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